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* Thailand c.bank to sit tight on rates - Reuters poll
* Philippine stocks up for 5th day
* Malaysia, Philippine Q3 GDP figures awaited later this
week
By Arundhati Dutta
Nov 8 (Reuters) - The Thai baht led gains among Asia"s
emerging currencies on Monday, hitting its highest in two weeks,
ahead of a policy meeting this week as the country reopens to
visitors after a bruising pandemic.
The region"s currency and equity markets were also boosted
by robust employment report from the United States and the
congressional passage of a long-delayed $1 trillion
infrastructure bill.
U.S. inflation data remains a key focus for Southeast Asian
markets this week, as it could test the Fed"s stance on patient
rate hikes.
"Though U.S. payrolls report was better than expected, it
was not overly strong to suggest that the Fed will quicken its
normalisation stance, " Maybank analysts wrote in a note.
"In particular if CPI picks up pace... could add to UST
yield upside and trigger markets to price in faster pace of
normalisation (USD positive risk), " they added.
A Reuters poll expects Thailand"s central bank to hold
interest rates at a record low of 0.50% at its policy meeting on
Wednesday to support the flailing economy, as it struggles to
recover from the collapse of its vital tourism sector.
The baht THB-TH gained up to 0.8%, and was at its
strongest since Oct. 26.
"Bank of Thailand will probably have sufficient policy
flexibility for a prolonged hold... concerns of a weak THB will,
however, be the bitter trade " Mizuho Bank analysts said in a
note.
The baht is the region"s worst performing currency in 2021
so far, having weakened over 9% against the dollar.
Equity gains in the region were led by Philippine stocks
, rising for the fifth straight session to hit a 10-month
high. A Reuters poll expects the country"s Q3 GDP data, due
Tuesday, to show 4.8% growth.
Meanwhile, Malaysian Q3 GDP data, due Friday, is expected to
show a contraction as the country is hit by pandemic-induced
restrictions. The country"s stocks and currency
were trading flat.
Indonesian stocks and the rupiah rose,
gaining ground after slumping in the last session due to
disappointing economic growth figures.
Bucking the trend, South Korean stocks dropped to
their lowest in nearly a month, as investors stayed cautious
ahead of inflation data from the United States and China this
week.
Thai stocks gave up gains accrued earlier in the day
and were trading flat.
HIGHLIGHTS:
** Indonesia 10-year government bond yields are down around
2 bps to 6.180%
** Financials and consumer stocks drive gains in the
Philippines
Asia stock indexes and currencies
at 0811 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCKS
DAILY % YTD % X DAILY YTD %
%
Japan -0.12 -9.07 <.N2 -0.35 7.52
25>
China
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