* Graphic: World FX rates tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA * S. Korean stocks enjoy best day since June 16 * Indonesia stocks lag peers * Thailand markets shut for holiday By Shashwat Awasthi July 28 (Reuters) - Stock markets gained across Asia on Tuesday as hopes for a dovish message from the U.S. Federal Reserve this week outweighed growing concerns about how the Philippines and other regional economies are dealing with renewed coronavirus outbreaks. In a morning session which saw some recovery for the U.S. dollar after days of concern over events in the United States and a diplomatic spat with China, currencies across the region's emerging markets were mixed and even the bigger moves limited to 0.1-0.2% shifts. Stock markets in India, Malaysia and South Korea all saw strong gains, however, and the Philippines recovered from an initial crash following President Rodrigo Duterte's State of the Nation speech to rise almost 1%. Jeffrey Halley, market analyst at trading platform OANDA, said Asian stocks would remain supported ahead of the Fed's meeting on Wednesday. "Equity markets should continue to perform well with only headline risk, and not data risk, to cause a sudden change in the narrative," he said. In the address on Monday night, Duterte defended his approach to fighting the pandemic even as new cases continue to climb, while threatening to close or have the government take over telecom firms that he accused of "lousy" services. The peso, which has overlooked rising local infections and fresh U.S.-China tensions and strengthened for the last six weeks, eased as much as 0.3% before steadying. "Amidst the uncertainties brought about by the rising (virus) cases, the government has yet to provide sufficient details on the fiscal stimulus and recovery roadmap," said Jennifer Mae V. Lomboy, a fund manager at First Metro Asset Management, predicting more losses as corporate earnings flow in. Second-quarter gross domestic product data due next week is also expected to show a steep fall. Indonesian stocks underperformed, however, edging 0.2% lower as the country's total number of coronavirus cases topped 100,000. Asia stock indexes and currencies at 0706 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan -0.12 +2.95 -0.26 -4.22 China -0.02 -0.52 0.54 5.65 India +0.12 -4.50 0.92 -7.68 Indonesia +0.07 -4.14 -0.24 -18.97 Malaysia +0.06 -3.73 0.71 0.88 Philippines -0.12 +2.99 1.13 -24.16 S.Korea -0.07 -3.38 1.76 2.70 Singapore -0.01 -2.49 0.36 -19.79 Taiwan +0.81 +2.86 -0.01 4.91 Thailand 0.00 -5.59 0.00 -15.12 (Reporting by Shashwat Awasthi and A K Pranav in Bengaluru; Editing by Subhranshu Sahu)
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