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* Thai baht snaps 4-day losing streak
* Japan stocks hit 1-month low
* Indonesia"s 2021 budget will likely be smaller than
anticipated
By Arundhati Dutta
Oct 1 (Reuters) - The Thai baht rose on Friday, snapping a
four-day losing streak, while Singaporean stocks were headed for
their worst day in nearly a month after the country reported its
highest single-day rise in COVID-19 cases.
After four straight days of losses, the baht gained up to
0.5% against the greenback and looked set for its best day in
more than a week. It is the worst performing currency in Asia in
2021, having weakened 11%.
The Bank of Thailand"s decision earlier this week to not cut
interest rates despite a flagging economy amid a severe COVID-19
outbreak is expected to help curb the baht"s depreciation.
"Thailand"s high-tourism dependence means THB not only
suffers accentuated vulnerabilities to delta outbreak, but also
bears the brunt of negative externalities of outbreaks
regionally/globally, " Mizuho Bank analysts said in a note.
For the day, the S.Korean won and the baht led
regional gains with a 0.3% jump each, as the dollar slipped from
a 1-year peak touched in the previous session. The greenback was
still headed for its best week since June.
With a new surge of COVID-19 raging across Southeast Asia
and threatening the region"s economic recovery, next week"s
focus is on inflation readings from several countries including
Japan, Thailand and the Philippines.
Indonesia"s annual inflation rate in September rose to the
highest in four months.
"Chatters of stagflation concerns may gain some traction
and further undermine sentiments. KRW, INR may stay
under pressure in the interim, " analysts at Maybank wrote in a
note.
Stagflation, a portmanteau of "stagnant" and "inflation", is
a situation where economic growth slows or stagnates and both
unemployment and inflation rates are high.
"Rise in global energy prices are feeding into higher
inflationary expectations. "
Inflation fears pushed Japan"s stock benchmark to
its lowest in a month.
The Singaporean benchmark shed up to 1.4%. The
country reported 2,478 new COVID-19 cases on Thursday, the
highest since the beginning of the pandemic.
Indonesian equities shed 0.8%, after officials said
2021 budget will likely be smaller than previously anticipated.
Philippine stocks, up 0.4%, were the sole gainer in
the region after the country further loosened coronavirus
restrictions in the capital region.
Chinese markets are closed for a week from Friday for the
Golden Week holiday.
HIGHLIGHTS:
**Singapore"s 5-year benchmark yield is down 1.9 basis
points at 0.925%
**Malaysia"s 3-year benchmark yield is down 0.5 basis points
at 2.463%
**Indonesian 3-year benchmark yields are down 0.2 basis
points at 4.58%
Asia stock indexes and currencies
at 0406 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCKS
DAILY % YTD % X DAILY YTD %
%
Japan +0.13 -7.10 <.N2 -2.17 5.00
25>
India +0.00 -1.56 <.NS -0.82 24.98
EI>
Indonesi -0.04 -1.93 <.JK -0.69 4.43
a SE>
Malaysia +0.05 -3.90 <.KL -0.52 -5.99
SE>
Philippi +0.28 -5.64 <.PS 0.37 -2.26
nes I>
S.Korea
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