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* Japan stocks hit one-month lows
* Singapore, Indonesia stocks fall 1% each
* Thai baht set for biggest daily jump since Sept. 23
By Arundhati Dutta
Oct 1 (Reuters) - The Thai baht rose on Friday and was on
track for its best session in a week, while Singaporean stocks
were headed for their worst day in nearly a month after the city
state reported its highest single-day rise in COVID-19 cases.
The baht has been Asia"s worst performing currency
in 2021, having weakened 11%. The Bank of Thailand"s decision
earlier this week to hold interest rates steady despite a
flagging economy is expected to help curb the baht"s
depreciation.
Other Asian currencies were mixed, as the dollar slipped off
a one-year peak touched in the previous session but was still
headed for its best week since June.
Also weighing on sentiment were energy prices hitting record
highs overnight on reports that China was scrambling to secure
supplies for the winter. Most emerging Asian countries are net
importers of energy.
With a new surge of COVID-19 raging across Southeast Asia
and threatening the region"s economic recovery, investors will
focus next week 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.
"Asian currencies will not have stable People"s Bank of
China"s USD/CNY fixes to lean on for support next week with
China on a holiday," said Jeffrey Halley, a market analyst at
OANDA.
"Asia FX continues to trade to the weaker side versus the
U.S. dollar as markets reprice the reality of Fed taper and
higher energy prices weigh on the region."
Chinese markets are closed for a week from Friday for the
Golden Week holiday.
Inflation fears pushed Japan"s benchmark stock index
to its lowest in a month.
Singapore shares shed up to 1.4%. The city state
reported 2,478 new COVID-19 cases on Thursday, the highest since
the beginning of the pandemic.
Indonesian equities shed 1% after officials said the
2021 budget would likely be smaller than previously anticipated.
Philippine stocks reversed early gains and were down
0.4%. Local media quoted here
authorities as saying the economy would take more than a decade
to return to pre-pandemic growth.
HIGHLIGHTS:
** Malaysia"s 10-year benchmark yield is down 2.5 basis
points at 3.354%
** Singapore"s 5-year benchmark yield is down 1.9 basis
points at 0.925%
** Thailand"s 3-year benchmark yield is up 2 basis points at
0.68%
Asia stock indexes and currencies
at 0705 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCKS
DAILY % YTD % X DAILY YTD %
%
Japan +0.21 -7.02 <.N2 -2.3 4.8
25>
India -0.03 -1.59 <.NS -0.71 25.11
EI>
Indonesi -0.03 -1.92 <.JK -1.18 3.91
a SE>
Malaysia +0.12 -3.83 <.KL -0.66 -6.12
SE>
Philippi +0.33 -5.59 <.PS -0.42 -3.03
nes I>
S.Korea
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