* Graphic: World FX rates tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3lKhL5I * Philippine stocks slide nearly 2%, lead losses * Yuan's 0.3% bounce keeps Asian FX afloat * Indonesian and Malaysian markets shut on local holidays By Rashmi Ashok Oct 29 (Reuters) - Asian equities slid on Thursday after surging coronavirus cases in the United States and Europe sparked a sell-off on Wall Street overnight, while a rebound in the Chinese yuan helped shield regional currencies from the risk-off mood. France and Germany went into lockdowns, which prompted worries that more European nations may be forced to follow suit in a move that could threaten a nascent economic recovery. Philippine's benchmark stock index slid most in the region, down 2% and was on track for its biggest drop since Aug. 19, after last week's rise of nearly 10%. The Chinese yuan rose 0.3 %, recovering losses made in the previous session. It fell on Wednesday after some banks tweaked a methodology for fixing the yuan's daily midpoint, which was seen by some as a sign that Beijing is willing to allow some weakness in its currency. The yuan's strength helped put a floor under most Asian currencies despite an appreciating U.S. dollar. The Singapore dollar, closely tied to the Chinese currency's moves due to close trade ties, rose 0.2% higher. "This has helped cap losses in other Asia-ex Japan FX as well," analysts at Maybank wrote in a note, referring to the yuan's strength. The Taiwan dollar jumped 1% while the Philippine peso also traded a touch firmer. The South Korean won also pulled back from deeper losses to stand only marginally weaker. Worries about the outcome of the U.S. election next week also overshadowed trade, given the stark difference between Democratic presidential candidate Joe Biden's trade policies towards Asia from those of President Donald Trump. "A Biden win would likely bode well for Asia, given a less aggressive trade stance/potential for stronger fiscal stimulus. Trade orientated FX such as the yuan, won, Singapore dollar and Taiwan dollar will likely be the main beneficiaries," analysts at TD Securities wrote earlier this week. They also noted that a weaker U.S. dollar would also be likely if Biden won, while a Trump win could spur a stronger dollar and further hinder appreciation in Asian currencies. Markets in Indonesia and Malaysia were shut on account of local holidays. HIGHLIGHTS ** In the Philippines, top index losers are LT Group Inc down 4.64% and Ayala Land Inc down 4.43% ** Top losers on the Singapore STI include Mapletree Commercial Trust down 3.24% and Capitaland Mall Trust down 2.2% ** Singapore's 10-year benchmark yield was up 0.1 basis points at 0.833% and the 5-year benchmark yield was up 3.2 basis points at 0.496% Asia stock indexes and currencies at 0449 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCK DAILY YTD % S S YTD % DAILY % % Japan -0.12 +4.01 -0.36 -1.36 China <CNY=CFX +0.28 +3.77 0.08 7.26 S> India -0.20 -3.57 -0.30 -3.90 Philipp +0.08 +4.65 -1.73 -19.8 ines 0 S.Korea <KRW=KFT -0.17 +2.11 -1.35 5.27 C> Singapo +0.17 -1.34 -0.80 -23.5 re 6 Taiwan +1.06 +5.25 -1.02 5.55 Thailan -0.13 -4.23 -0.43 -23.8 d 7 (Reporting by Rashmi Ashok in Bengaluru)
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