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* Indonesia Q3 GDP growth slows more than expected
* Philippine inflation eases in Oct
* Most Asian currencies heading for weekly declines
By Indranil Sarkar
Nov 5 (Reuters) - Indonesia"s rupiah slumped on Friday after
data showed the country"s third quarter economic growth missed
expectations, as most Asian currencies eyed weekly losses
following the U.S. Federal Reserve"s unveiling of its stimulus
tapering plan.
The rupiah weakened 0.4% to lead losses after
Southeast Asia"s largest economy"s quarterly GDP growth slowed
to 3.51% due to pandemic related restrictions, even as recent
data suggested growth may be getting back on track in the
current quarter.
The rupiah was set for its worst weekly performance since
August, 2020.
"There are several factors that will constrain the pace of
recovery in domestic demand (in Indonesia)," ANZ Research
analysts wrote in a note.
"While consumer sentiment has started to improve,
expectations on income and employment remains well below
pre-pandemic levels," they added, saying a pick up in COVID-19
vaccinations could restore public confidence.
Meanwhile, Philippine stocks rose 1.9% to their
highest since January after the country"s annual inflation
slowed to a three-month low in October, reaffirming expectations
the central bank would keep rates on hold for a while.
"We expect Bangko Sentral ng Pilipinas to maintain its
current policy setting for the balance of 2021 and we retain our
expectation for a possible rate adjustment from monetary
authorities in second quarter of 2022," analysts at ING wrote.
South Korean shares fell 0.5% and were set to log
their third weekly decline, failing to catch a broader global
rally, as growing inflationary threats dented risk appetite.
The won eased 0.2%.
The Taiwan dollar and Malaysian ringgit
weakened 0.2% each against a strong dollar which was on course
for a second straight week of gains.
A key U.S. jobs report is due later in the day that could
sway the timing of Federal Reserve interest rate increases in
the wake of its move to scale back its massive pandemic-era
support on Wednesday.
HIGHLIGHTS
** In the Philippines, top index gainers are Robinsons Land
Corp up 6.5% and Bloomberry Resorts Corp up
6.1%
** Indonesian 10-year benchmark yields are down 1.7 basis
points at 6.207%
** Singapore"s 10-year benchmark yield is down 5.1 basis
points at 1.8%
Asia stock
indexes and currencies at 0454 GMT
COUNTRY FX FX FX INDE STOCKS STOCKS
RIC YTD X YTD %
DAILY % DAILY
% %
Japan +0.05 -9.19 <.N2 -0.73 7.77
25>
China
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