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* Philippine stocks at nearly 3-month high
* Thai equities reverse course, slip from 19-month high
* Indonesia"s May inflation at highest in 5 months
* South Korean won, Indian rupee weaken
By Sameer Manekar
June 2 (Reuters) - Philippine shares jumped more than 3% on
Wednesday, with sentiment across Asia lifted by a pick up in
U.S. manufacturing, but the region"s currencies came under
pressure as the data boosted the dollar on rising bets for
policy normalisation.
The South Korean won and Indian rupee
led losses among Asia"s emerging currencies as investors now
look ahead to U.S. jobs data this Friday for further signs of a
strong recovery that could engender further talk of policy
tightening by the Federal Reserve.
In the Philippines, consumer and real estate stocks led the
wider market to their highest level in nearly three
months, as curbs in the national capital region were relaxed.
"Philippine stocks are getting a boost from some foreign
buying after being shunned for most of second quarter after
strict lockdowns were re-imposed," said Nicholas Mapa, senior
economist - Philippines, at Dutch-bank ING.
Philippine stocks are the region"s worst performers but they
have been rising since May 26 as the number of coronavirus cases
decline, leading to hopes that restrictions will ease soon.
Stocks are up 6.2% so far this quarter.
The peso, however, weakened 0.3%, after the Nikkei
reported that the Philippine central bank governor said the bank
is open to "doing more" monetary easing.
Indonesian shares rose more than 1% to touch their
highest level since April-end, even as data showed annual
inflation in May accelerated to its highest since December.
Thai stocks reversed course to slip 0.2%, losing
their 19-month peak scaled earlier after the government promised
additional fiscal stimulus.
The Indian rupee depreciated 0.6% ahead of the
central bank policy meeting this Friday.
The Reserve Bank of India is expected to keep the interest
rates at record lows and reiterate its commitment on liquidity,
as the country suffers a devastating second wave of the pandemic
that has locked down most of the country.
Overnight, data showed U.S. manufacturing activity rose in
May furthering signs that the recovery was strong.
While strong U.S growth is a boon for the global picture, it
has also raised talks of the Fed having to scale back support
measures, threatening Asia"s risk-sensitive markets which have
held firm on the U.S. central bank"s reassurances of a continued
dovish stance.
Recent remarks from Fed policymakers have suggested that a
discussion on tapering bond-buying was underway, with the
upcoming policy meeting in mid-June possibly providing more
clarity.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields edge higher to 6.451%
** Consumer and real estate firms top gainers in Manila
** Malaysia"s Axiata partners with RHB Bank in bid for
digital bank licence
($1 = 31.1400 baht)
Asia stock indexes and
currencies at 0729 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan -0.25 -5.9 <.N2 0.46 5.47
1 25>
China
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