- The won hit a two-week low and Seoul stocks fell on Tuesday as record coronavirus cases in South Korea raised prospects of curbs being reinstated, while other markets in Asia treaded water ahead of the U.S. Federal Reserve meeting outcome. The Indonesian rupiah , Malaysia"s ringgit and the Thai baht eased 0.1% each as the dollar gained on hopes that the Fed would announce an end to its bond-buying programme and pave the way for rate hikes next year at the conclusion of its two-day meeting later in the day. Equities in Malaysia (.KLSE), Singapore (.STI), Thailand (.SETI) and Taiwan (.TWII) traded flat to down 0.3%. South Korea"s won and stocks (.KS11) both declined 0.4%, after authorities in the country said the decision on strict distancing curbs would be made on Friday as COVID-19 infections among the vaccinated population picked up. Separately, data showed South Korea"s unemployment rate in November edged down, with jobs in the manufacturing sector and among regular workers rising. "The November job report confirmed a gradual but uneven improvement in the underlying labour market, but the emergence of Omicron and renewed tightening in restrictions may delay the recovery," wrote Angela Hsieh, an analyst at Barclays Bank. Meanwhile, Kuala Lumpur stocks were dragged by telecom operators after Reuters exclusively revealed that Malaysia"s major wireless carriers recommended the government allow a second 5G service to be set up which will be decided by January. Manila shares (.PSI) were among a handful of gainers, up 0.2%, lifted by the Philippine government upgrading its economic growth target for 2021 with plans to further reopen the economy by the start of 2022. read more Investors were also watchful of the developments in the run-up to the May 2022 presidential elections in the country. The latest twist came from current President Rodrigo Duterte"s preferred successor quitting the race on Tuesday. read more The peso fell 0.2% versus dollar a day before the Bangko Sentral ng Pilipinas monetary policy meeting where it is likely to leave rates untouched. read more HIGHLIGHTS ** China"s factory output grew faster than expected in November, supported by stronger energy production and a moderation in sky-high materials costs. read more ** Indonesia"s central bank is expected to stand pat on interest rates on Thursday. Jakarta shares (.JKSE) traded up 0.6%. read more ** Top losers on Malaysia"s benchmark: Axiata Group Bhd (AXIA.KL), down 1.9%, DiGi.Com Bhd (DSOM.KL), down 1.5%, and Telekom Malaysia Bhd (TLMM.KL), down 1.1% Asia stock indexes and currencies at 0438 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan -0.03 -9.23 (.N225) 0.05 3.65 China +0.04 +2.58 (.SSEC) 0.07 5.50 India -0.25 -3.93 (.NSEI) -0.38 23.44 Indonesia -0.03 -2.06 (.JKSE) 0.58 11.29 Malaysia +0.00 -4.96 (.KLSE) -0.20 -9.18 Philippines -0.16 -4.67 (.PSI) 0.20 1.63 S.Korea -0.36 -8.48 (.KS11) -0.13 3.85 Singapore +0.04 -3.54 (.STI) -0.36 9.36 Taiwan -0.04 +2.36 (.TWII) 0.40 19.94 Thailand -0.06 -10.27 (.SETI) -0.10 12.40 Reporting by Anushka Trivedi in Bengaluru; Editing by Christopher Cushing Our Standards: The Thomson Reuters Trust Principles.