* Mexican peso, Chinese yuan slump * Asian shares closely track U.S. stock futures * Philippine shares gain the most * Graphic: World FX rates tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3lKhL5I By Shriya Ramakrishnan Nov 4 (Reuters) - Mexico's peso and several Asian currencies seen as most exposed to four more years of a Donald Trump White House fell on Wednesday as early projections in the U.S. presidential election hinted at a very tight race. With early counting showing Trump ahead of Democratic rival Joe Biden in the vital battleground state of Florida and several swing states, the peso lost as much as 4% in late night trade before recovering some ground. A half percent fall for China's yuan led losses in Asia, with the Korean won and Singapore dollar -- both seen as exposed to the trade tensions that have marked Trump's first term -- down 0.3% and 0.4%. The peso is highly sensitive to both political and economic developments of the United States, its closest trading partner. Implied volatility for peso-dollar derivatives stood at their highest since late April. "I don't know if the market is again predicting a tough stance against Mexico but I'll be surprised given a lot of the issues seems to have been dealt with," said Mitul Kotecha, Senior EM Strategist at TD Securities. "Perhaps they are coming back to a relationship under a Trump administration (that) may be less conducive from a trade perspective." Betting market odds on the U.S. presidential election have flipped to favour Trump over Biden, according to data from two aggregators. Analysts said that pointed to the potential for more of the clashes with Beijing that have dominated recent years and weighed on several of the Asian economies which tend to track China and rely on it as a source of growth. "If it's a Trump administration, it's going to be the same, maybe accentuated, because he has nothing to fear. The cold war with China will be worse," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. Stock markets had earlier appeared to be pricing in a victory for Biden that would be expected to adopt a steadier foreign and trade policy overall and a less combative stance on China. Most of the region's big share indexes were still higher in midday trade, with Philippine shares up almost 2% after data showed the country posted its first monthly rise in exports since February. Among other Asian currencies, tech- and trade-heavy Taiwan's dollar stood out again with a more than 1% rise, while the Indonesian rupiah at a near three-month high against the U.S. dollar. Analysts at Deutsche Bank earlier this week said in a note that the rupiah would be the best hedge among Asian currencies against a Trump victory scenario. HIGHLIGHTS: ** Thailand's 10-year government bond yields are up 1 basis points at 1.4% **In the Philippines, top index gainers are Bloomberry Resorts Corp up 4.34% at 7.7 peso, Metropolitan Bank and Trust Co up 3.07% at 41.95 peso, Robinsons Land Corp up 2.89% at 15.64 peso ** Top gainers on the Singapore STI include Singapore Telecommunications Ltd up 2.44% at S$2.1, Singapore Technologies Engineering Ltd up 1.14% at S$3.56, SATS Ltd up 0.97% at S$3.13 Asia stock indexes and currencies at 0446 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan -0.37 +3.59 2.08 0.52 China <CNY=CFXS -0.46 +3.80 0.03 7.28 > India -0.38 -4.43 0.67 -2.27 Indonesi +0.34 -4.41 0.13 -17.99 a Malaysia -0.22 -1.78 0.50 -7.55 Philippi -0.03 +4.79 1.89 -17.40 nes S.Korea <KRW=KFTC -0.28 +1.68 0.45 7.10 > Singapor -0.43 -1.55 0.80 -21.90 e Taiwan +0.94 +5.08 0.81 7.01 Thailand -0.29 -3.92 0.14 -22.58 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Patrick Graham and Kim Coghill)
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