Most Asia FX struggle on Middle East tensions, reduced Fed cut bets
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China yuan leads losses in Asian FX
Most emerging Asian shares trade mixed
China stocks post bumper gains, before pulling back
By Archishma Iyer and Sneha Kumar
Oct 8 (Reuters) -Most emerging Asian currencies were subdued andequities traded mixed on Tuesday, as escalating conflict in the Middle Eastand a repricing of U.S. Federal Reserve rate cut bets drove investors to the safe-haven dollar.
The Chinese yuan CNY=CFXS led losses among currencies, slumping as much as 1.1% to 7.085 per dollar. The onshore currency started trade after a week-long holiday.
A stronger-than-expected key jobs report from the world's largest economy last week erased hopes of another outsized 50-basis-point interest rate cut at the Fed's November policy meeting and has kept the dollar firm.
Markets are no longer fully pricing in a 50-bpscut in November and are ascribing an 86% chance of a 25-bpsreduction, the CME FedWatch tool showed.
At 0650 GMT, the dollar index, which measures the greenback against six major rivals, was at 102.39, nestled near its seven-week high. USD/
That weighed on Asian currencies, with the South Korean won KRW=KFTC down 0.4%, and the Thai baht THB=TH and the Taiwan dollar TWD=TP trading 0.3% lower. The Malaysian ringgit MYR= was down 0.2%.
Moreover, rising Brent crude prices due to the conflict in the Middle East also kept currencies of net oil importers from emerging Asia under check.
"Risk sentiment is generally poorer given tensions in the Middle East coming into focus," Shaun Lim, an FX Strategist with Maybank said.
"In addition, China’s NDRC has largely disappointed with no new stimulus measures announced. Asian FX is also tentative on the back of this poorer risk sentiment."
Asian equities were a mixed bag. Shares in Taipei .TWII and South Korea .KS11 lost 0.4% and 0.6% respectively, while Singapore stocks .STI were 0.3% down. Kuala Lumpur .KLSE remained flat.
However, those in Mumbai .NSEI and Jakarta .JKSE rose 0.5% and 0.6%, respectively.
Regionalinvestors will eye central bank decisions from South Korea and India later this week, where the former is expected to cut its key interest rate, while the Reserve Bank of India is likely to keep monetary policy unchanged.
Indonesia and the Philippines have already kick-started their rate-cutting cycles, with more Asian central banks expected to join in.
Elsewhere, Chinese stocks .SSEC failed to sustaintheir blitzkrieg rally after markets reopened from a week-long public holiday, as Beijing fell short on delivering more details on its massive fiscal stimulus during a conference.
Shanghai shares had advanced as much as 10.1%, but pared most of theirbumper gains to trade about 4% higher.
"Hopes were raised but the delivery was disappointing. The post-opening rally in Chinese equities has fizzled out and the lack of follow-through is a setback," Christopher Wong, a currency strategist with OCBC said.
HIGHLIGHTS:
** Former Taiwan president Tsai to make sensitive Prague visit
** Indonesian miner Antam buys 30% stake in Tsingshan's smelter
** China slapsanti-dumping measures on brandy imports from EU
Asian currencies and stocks at 0650 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.17 | -4.64 | .N225 | -1.00 | 16.36 |
China | CNY=CFXS | -0.66 | +0.57 | .SSEC | 4.48 | 17.18 |
India | INR=IN | +0.06 | -0.86 | .NSEI | 0.46 | 14.63 |
Indonesia | IDR= | +0.10 | -1.69 | .JKSE | 0.63 | 3.84 |
Malaysia | MYR= | -0.19 | +7.09 | .KLSE | -0.01 | 12.40 |
Philippines | PHP= | -0.01 | -2.49 | .PSI | -0.23 | 16.86 |
S.Korea | KRW=KFTC | -0.39 | -4.57 | .KS11 | -0.61 | -2.29 |
Singapore | SGD= | +0.05 | +1.20 | .STI | -0.30 | 10.75 |
Taiwan | TWD=TP | -0.30 | -4.63 | .TWII | -0.40 | 26.10 |
Thailand | THB=TH | -0.28 | +1.79 | .SETI | 0.11 | 2.68 |
Reporting by Sneha Kumar and Archishma Iyer in Bengaluru; Editing by Eileen Soreng and Janane Venkatraman
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