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Asian Stocks, Exchange Rates Rise As Fed Rate Hike Bets Diminish; weight drops

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Most Asian stocks and currencies rose

on Monday, showing signs of easing from volatility as investors

lowered expectations of an immediate withdrawal from Federal

Stimulus Reserve Following Mixed Batch of US Labor Data

The dollar fell from highs three months later

interest rate hikes declined, pressured by weaker aspects of the

US Non-Farm Payrolls Report Where The Unemployment Rate Is For

June was up, even as the number of added jobs beat the forecast.

Previously battered local currencies reasserted themselves in response,

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with Indonesian rupiah, South Korean won

and the Indian rupee advanced 0.3% to 0.5%.

Among equities, Taiwan’s course jumped 1% while

South Korea, the Philippines and Singapore

markets made modest gains of about 0.4% each.

“Overall, market sentiment starts this week with a

positive footing, “OCBC analysts said in a note, adding that a

A more consistent top performance on the labor front would be

he needed to calculate the Fed’s expectations.

“That can only happen towards the end of the third trimester.

2021 “.

The Fed’s Surprisingly Aggressive Lean Last Month Scared Asia

markets with the prospect that the central bank’s reversal of

bond purchase program and rate hikes earlier than expected could

lead to exits from emerging markets.

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Trade was scant as US markets remain closed for

extended the weekend of July 4. Investors are now waiting for the

Federal Open Markets Committee meeting in June on Wednesday to

more hints on tuning.

The Philippine peso lost 0.4% to underperform its

pairs one day before the monthly inflation report, which is likely

exceeding the central bank’s target range for the sixth time

despite some slowdown in prices.

Nicholas Mapa, senior economist at ING, recently said

economic data continues to point to a slow pace of recovery

amid the recession and virus restrictions in the country, which maintains

the weight on the back foot.

The pandemic hit Indonesian stocks fell 0.5% after

posting its biggest daily jump in coronavirus deaths,

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fueling doubts about the curb lifting schedule in the

country.

HIGHLIGHT

** Indonesian 3-year benchmark yields were up around 3.6

basis points at 4.755%

** Top winners of the Singapore STI include Wilmar

International Ltd, up 1.8%, and Keppel DC REIT

, up to 1.6%

** In the Philippines, the top index winners are DMCI Holdings

Inc, up 2.2%, and JG Summit Holdings Inc, up

1.9%

Asia Stock and Currencies Indices at 0657 GMT

COUNTRY FX RIC FX DAILY% FX YTD% INDEX STOCKS DAILY% STOCKS YTD

%

Japan +0.05 -6.97 -0.64 4.20

China +0.19 +1.06 0.23 1.55

India +0.50 -1.75 0.68 13.22

Indonesia +0.37 -3.01 -0.53 0.20

Malaysia +0.19 -3.23 -0.27 -6.03

Philippines -0.30 -2.52 0.49 -1.45

South Korea +0.28 -4.03 0.35 14.61

Singapore +0.10 -1.83 0.17 10.21

Taiwan +0.34 +2.10 1.18 21.63

Thailand +0.16 -6.81 0.00 8.91

(Reporting by Anushka Trivedi in Bengaluru; edited by Shailesh

Kuber)

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In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

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