* Most Asian currencies fall * Inflation in S.Korea, Philippines and Thailand higher than expected * China services activity expanded at the slowest pace in eight months By Archishma Iyer Sept 5 (Reuters) - The South Korean won and Thailand's baht led declines among emerging Asian currencies on Tuesday, while more uninspiring data from China pointed towards further weakening in Asia's largest economy. China's services activity expanded at the slowest pace in eight months in August, a private-sector survey showed. "Only a more forceful policy package could really turn around sentiment," Wei Liang Chang, Macro strategist (FX and Credit) with DBS Bank said, "But they do not want house prices to go back to elevated levels again. So, their policy stance is still going to be more or less restrained." The won eased nearly 0.5% to more than a week's low, and the baht slipped by a similar amount. Annual inflation in South Korea accelerated to 3.4% in August while the month-on-month rate was the fastest since early 2017. Thailand's inflation exceeded analysts expectations. Inflation in the Philippines also quickened for the first time in seven months. "The August upside surprise now has Bangko Sentral ng Pilipinas on notice although we doubt one data point will be enough for Governor Remolona to flip back into tightening mode," Nicholas Mapa, a senior economist with ING said in a research note. "However, should inflation for these key commodities accelerate further, we believe the governor will not hesitate to hike further to get a hold of inflation expectations," he added. The Malaysian ringgit, Indonesian rupiah and the Singapore dollar eased between 0.1% and 0.2%. Seperately, investors will also look out for a slew of speeches from U.S Federal Reserve officials throughout the week. Markets have priced in 93% chance of the Fed keeping rates unchanged later this month. Most Asian equities were trading in the red, with stocks in Singapore , Kuala Lumpur, Seoul and Shanghai losing between 0.1% and 0.6%. HIGHLIGHTS: ** Indonesia's benchmark 10-year bond yield rises to 6.414% ** UPDATE 2-Thai cbank sees 2023 GDP growth, inflation lower than expected ** POLL-Malaysia central bank to hold rates at 3.0% through end-2024 Asia stock indexes and currencies at 0355 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY YTD % % Japan -0.18 -10.65 -0.088 26.10 ChinaIndia -0.08 -0.12 0.18 8.06 Indonesi -0.11 +2.05 -0.17 1.96 a Malaysia -0.13 -5.54 -0.47 -2.65 Philippi -0.26 -1.90 -0.02 -5.37 nes S.Korea Singapor -0.19 -1.28 -0.30 -0.68 e Taiwan -0.06 -3.74 -0.18 18.55 Thailand -0.42 -2.26 0.22 -6.98 (Reporting by Archishma Iyer 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% | - | ||
1,376 KRW | +0.41% | +0.15% | - | ||
1,007 KRW | 0.00% | +0.71% | - | ||
899.3 KRW | +0.57% | +1.92% | - | ||
690.6 USD | +1.81% | +3.39% | - | ||
39.53 THB | -0.35% | +0.87% | - | ||
36.99 THB | -0.05% | +0.52% | - | ||
24.17 PTS | +0.14% | +2.29% | - | ||
16.51 KRW | 0.00% | +0.10% | - | ||
7.246 CNY | +0.10% | +0.08% | - | ||
1.701 SGD | +0.09% | +1.06% | - | ||
1.457 SGD | 0.00% | +0.45% | - | ||
1.362 SGD | 0.00% | +0.08% | - | ||
1.249 USD | -0.12% | +0.99% | - | ||
1.069 USD | -0.32% | +0.37% | - | ||
0.731 USD | 0.00% | +0.56% | - | ||
0.6532 USD | 0.00% | +1.81% | - | ||
0.5938 USD | 0.00% | +0.66% | - | ||
0.0163 SGD | 0.00% | 0.00% | - | ||
0.012 USD | 0.00% | 0.00% | - | ||
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