Asian equities and currencies subdued ahead of US data
Indonesian stocks down as much as 1.3%
South Korea Aug CPI +2.0%
Investors await slew of US data this week
Updates as of 0741 GMT
By Roshan Thomas and Echha Jain
Sept 3 (Reuters) - Equities and currencies in most emerging Asian markets were on the back foot on Tuesday, with Indonesian shares leading losses ahead of a raft of data that may determine the U.S. interest rate cut trajectory this year.
Stocks in Jakarta.JKSE slipped 1% after briefly touching a fresh all-time high earlier in the day.
Bank Central AsiaBBCA.JK and BankMandiri BMRI.JK lost around 1.2% and 2.1%, respectively, while utility firm Barito Renewables EnergyBREN.JK shed more than 4%.
Shares in the Philippines .PSI and South Korea .KS11 slipped 0.6%, while those in Singapore .STI and Thailand .SETI were trading 0.5% and 0.8% higher.
An MSCI gauge of Asian emerging markets equities outside of Japan .MIAPJ0000PUS was down 0.4%.
Investors around the world are gearing up for data, including U.S. payrolls, due on Friday.
Markets are pricing in a 69% chance of a 25 basis points cut when the Fed meets on Sept. 17-18, with a 31% probability of a 50 bps cut, CME FedWatch tool showed.
"Expectations are high for the US to cut by an outsized 50bps in at least one of the remaining 3 meetings this year," said Jeff Ng, head of Asia Macro Strategy of Sumitomo Mitsui Banking.
"However, we think that there may be some disappointment," Jeff added.
Currencies in the region were largely subdued, with the Philippine peso PHP= losing around 0.2%, while the baht THB=TH slipped a few pips.
"Markets appeared to continue to find the right levels after previous Asia FX rally," Jeff said.
The MSCI gauge of international emerging market currencies .MIEM00000CUS was a few points down as at 0741 GMT.
In Taiwan, the dollar TWD=TP, which is the worst performing currency in the region so far this year, lost 0.2%.
"Taiwan's low interest rates have also made it a candidate for the carry trade, and it also has a larger than average exposure to the U.S. election and tech sector developments," Lynn Song, chief economist, Greater China at ING, said.
Meanwhile, the Malaysian ringgit MYR= fell 0.3% whereas equities in Kuala Lumpur .KLSE slipped 0.2%.
Bank Negara Malaysia is expected to keep its interest rate unchanged on Thursday and is seen holding it at the current 3% level at least through 2025, a Reuters poll showed.
HIGHLIGHTS:
** Indonesiaawards Central Andaman, Amanah, Melati oil and gas blocks
** China ETFsboom on state buying, active fund underperformance
** S.Korea inflationslows to 3-1/2-year low, backs case for imminent rate cut
** Thai PM finalises cabinet, expects to seek royal approval this week
Asian stock indexes and currencies as at 0741 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.55 | -3.45 | .N225 | -0.04 | 16.22 |
China | CNY=CFXS | +0.02 | -0.25 | .SSEC | -0.29 | -5.78 |
India | INR=IN | -0.04 | -0.89 | .NSEI | -0.04 | 16.28 |
Indonesia | IDR= | 0.00 | -0.81 | .JKSE | -1.00 | 4.74 |
Malaysia | MYR= | -0.34 | +5.15 | .KLSE | -0.16 | 15.18 |
Philippines | PHP= | -0.23 | -2.16 | .PSI | -0.58 | 6.71 |
S.Korea | KRW=KFTC | -0.10 | -3.87 | .KS11 | -0.61 | 0.35 |
Singapore | SGD= | -0.01 | +0.92 | .STI | 0.48 | 7.39 |
Taiwan | TWD=TP | -0.15 | -4.16 | .TWII | -0.64 | 23.21 |
Thailand | THB=TH | -0.09 | -0.13 | .SETI | 0.83 | -3.60 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Roshan Thomas and Echha Jain in Bengaluru; Editing by Kim Coghill and Nivedita Bhattacharjee
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