* Malaysian ringgit top loser * China's GDP marginally ahead of estimates * PBOC keeps MLF rate unchanged By Rishav Chatterjee July 17 (Reuters) - Major Asian currencies and share markets dropped on Monday as underwhelming economic growth data suggested China's post-pandemic bounce was over, while the prospect of more U.S. interest rate hikes also dampened the outlook for global demand. The Malaysian ringgit and Chinese yuan led the losses ,down 0.6% and 0.4% with other local currencies like the rupiah in Indonesia and peso in Philippines also falling. The U.S. dollar index, measuring its value against a basket of major trading partner's currencies, was steady at 99.936. Last week, Federal Reserve Governor Christopher Waller said he expected two more quarter percentage point rate hikes this year to bring inflation down, and favoured making the first hike later this month. The ringgit has declined over 3.3% since the start of the year, underperforming against all its emerging Asian peers, as investors remained on guard against potential political instability, falling external demand, and the impact of slowing growth in China. China's economy grew 0.8% in April-June from the previous quarter, just beating market expectations, and raising expectations that Beijing will deliver more economic stimulus. Industrial output also unexpectedly accelerated in June from the month earlier though retail sales just grew 3.1% in June after rising 12.7% in May. "Perhaps the bar for China’s recovery had been set too high, although it would also be fair to say that China’s economic data to date has been tepid at best," said analysts at Maybank in a note. On Monday, the People's Bank of China kept the interest rate unchanged on 103 billion yuan ($14.43 billion) worth of one-year medium-term lending facility (MLF) loans . The Singapore dollar fell 0.1% after data showed that the country's non-oil domestic exports fell 15.5% for the month. Thailand's baht and stock market trod water while investors waited to see who would emerge as the next leader of the government. Thailand's Move Forward party filed a motion in parliament on Friday seeking to curb the power of the military-appointed Senate, a day after the body thwarted its party leader's bid to become prime minister. The baht fell 0.2% while shares in Bangkok were flat. Mainland China shares led the falls in Asia, with Shanghai's benchmark index falling 1.2%. Bracing for a typhoon, Hong Kong cancelled its morning trading session, and could cancel the afternoon session too. Stock markets in Taiwan and Indonesia gained 0.1% and 0.4% respectively whereas shares in Kuala Lumpur and Singapore fell 0.6% and 0.2%. Asia stock indexes and currencies at 0401 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan +0.06 -5.44 <.N2 -0.09 24.13 25> ChinaEC> India -0.01 +0.67 <.NS 0.14 8.21 EI> Indones -0.30 +3.77 <.JK 0.43 0.71 ia SE> Malaysi -0.62 -3.32 <.KL -0.60 -6.15 a SE> Philipp -0.13 +2.32 <.PS -0.47 0.42 ines I> S.Korea 11> Singapo -0.11 +1.31 <.ST -0.17 -0.26 re I> Taiwan -0.44 -1.03 <.TW 0.11 22.39 II> Thailan -0.20 -0.30 <.SE 0.00 -9.03 d TI> HIGHLIGHTS: ** Hong Kong bourse scraps morning trading session ** Thailand sees limited impact from delayed fiscal budget - official ** POLL-Indonesia's June trade surplus seen widening to $1.35 bln (Reporting by Rishav Chatterjee in Bengaluru; Editing by Simon Cameron-Moore)
MSCI TAIWAN (STRD)
Index
End-of-day quote MSCI 10:00:00 2024-04-26 am EDT | 5-day change | 1st Jan Change | ||
690.6 USD | +1.81% | +3.39% | +8.11% |
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Stocks mentioned in the article
Price
|
Change
|
5d. change
|
Capi.
| ||
---|---|---|---|---|---|
2,686 PTS | +0.86% | +2.29% | - | ||
690.6 USD | +1.81% | +3.39% | - | ||
88.07 USD | +0.10% | +1.75% | - | ||
83.53 USD | 0.00% | +1.68% | - | ||
39.53 THB | -0.01% | +0.67% | - | ||
36.94 THB | -0.14% | +0.18% | - | ||
24.15 PTS | -0.09% | +1.94% | - | ||
7.266 CNH | -0.01% | +0.23% | - | ||
7.246 CNY | 0.00% | +0.08% | - | ||
3.46 HKD | -0.86% | +2.98% | 170B | ||
1.699 SGD | -0.14% | +0.84% | - | ||
1.456 SGD | -0.05% | +0.37% | - | ||
1.361 SGD | -0.11% | +0.01% | - | ||
1.248 USD | -0.07% | +0.87% | - | ||
1.069 USD | +0.02% | +0.35% | - | ||
0.7311 USD | +0.01% | +0.45% | - | ||
0.6525 USD | -0.11% | +1.70% | - | ||
0.5945 USD | +0.12% | +0.78% | - | ||
0.0163 SGD | -0.11% | 0.00% | - | ||
0.012 USD | 0.00% | 0.00% | - | ||
- PTS | -.--% | +1.02% | - | ||
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