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* Peso depreciates for a second day
* South Korean won slips from a near three-week high
* Thai baht slides 0.4%, stocks flat
By Sameer Manekar
Sept 2 (Reuters) - The Philippine peso led declines among
mixed Asian currencies on Thursday as growth concerns due to
rising coronavirus cases weighed on sentiment, while traders
awaited U.S. jobs data for clues on the Federal Reserve"s
tapering timeline.
The South Korean won snapped a four-day winning
streak and slipped from a near three-week high, while the Thai
baht declined 0.4% as the country began to lift
movement curbs even as COVID-19 cases in the region rose fast.
In South Korea, data showed August consumer inflation stayed
at a nine-year peak, unchanged from the prior month and
surpassing a Reuters poll forecast. That pressured the won and
equities in Seoul, which declined 0.4% and 1%
respectively.
"South Korea"s elevated consumer price index reading for
August justifies to some extent Bank of Korea"s decision to
begin the process of monetary accommodation withdrawal,"
analysts at Mizuho Bank said.
The Philippine peso weakened as much as half a
percent on top of the 0.5% lost in the previous session as the
country passed the 2 million mark in COVID-19 cases on
Wednesday, with a fifth of those recorded in August alone.
Data on Wednesday showed factory activity in the Philippines
contracted in August for the first time since May, in-line with
some other regional economies as well as top trading partner
China as a resurgence in new infections disrupted supply chains.
"Note that regional peers Indonesia, Thailand and Malaysia
are also seeing tentative easing off or stabilization in daily
Covid-19 case counts, while the contagion trajectory remains on
an uptrend in Philippines," analysts at Maybank said in a note.
"With COVID-19 risks intact, recovery in the Philippine peso
could be choppy, particularly against regional peers."
However, shares in Manila traded the other way,
advancing more than a percent on the back of consumer and real
estate firms, rebounding from a 1% loss logged in the previous
session.
Investors now await U.S. August non-farm payrolls data due
tomorrow which could give more clarity on the U.S. Federal
Reserve"s timeline on tapering of asset purchases, with a weaker
jobs number likely adding further pressure on the U.S. dollar.
Equities in the region were largely subdued, with the
Malaysian bourse and Indonesian stocks falling
marginally, while the Thai shares added about 0.3%
before paring gains to trade flat as at 0328 GMT.
Indonesia and Thailand, two of the biggest economies in
Southeast Asia, have begun to lift COVID-19 curbs after seeing
cases fall while health experts say a resurgence in new
infections is likely due to low vaccination rates.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields rise 5.3 basis points
to 6.109%
** Indonesia c.bank issues new banking rules on mandatory
MSME lending - nL4N2Q40PS
** U.S. manufacturing activity picks up unexpectedly in
August - nL1N2Q30WG
Asia stock indexes and
currencies at 0312 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan +0.03 -6.1 <.N2 0.14 3.83
1 25>
China
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