Edition:
India

Shriya Ramakrishnan

Stocks adrift, havens sought as virus fears cast shadow over recovery

01 Jul 2020

Asian stock markets struggled to make headway on Wednesday, while safe havens such as gold and the Japanese yen firmed as surging coronavirus infections in the United States took some of the shine off better-than-expected factory activity in China.

GLOBAL MARKETS-Asian shares inch higher as data drives rebound hopes

01 Jul 2020

July 1 Asian stocks struggled for headway on Wednesday as the second half of the year got underway, with improving economic data offset by worries that surging coronavirus cases in the United States could derail the world's recovery before it properly begins.

Battle heats up for Australia's Infigen as suitors raise bids

29 Jun 2020

A bidding war for Australian wind and solar firm Infigen Energy heated up on Monday, with Spain's Iberdrola raising its bid to A$856 million ($589.1 million), shortly after Philippine conglomerate Ayala Corp hiked its offer.

EMERGING MARKETS-Asian stocks on course for weekly losses as virus fears weigh

26 Jun 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Indonesian rupiah declines most * Philippine stocks reverse course to end higher By Shriya Ramakrishnan June 26 Asian stock markets steadied on Friday but were still on course to end the week lower as a growing number of coronavirus cases across the region and in other major economies dented hopes for a swift economic rebound. The Indonesian rupiah was the worst hit after the country reported another surge in domestic infections, while most other Asian currencies moved in a tight range as investors sought the relative security of the dollar. Several U.S. states have reported a record rise in infections this week, while China, Indonesia, India and the Philippines have also seen cases growing at an alarming rate, keeping investors on edge. In the absence of immediate catalysts, analysts said local markets were being propped by huge quantities of capital central banks have injected into the financial system. "The enormous amounts of stimulus continues to boost markets, but I'm not expecting a big rally until we get a clearer picture on whether or not the rise in case counts is a result of more expanded testing and will the mortality rates rise," said Stephen Innes, chief global markets strategist at AxiCorp. Singapore and Thai stocks rose as much as 1.1% and 1.4%, respectively, in the session, while South Korean shares and the won outperformed, boosted by an improvement in consumer sentiment data. Philippine stocks reversed early losses before the bell to end higher, helped by a bout of last-minute buying of blue-chip stocks. The benchmark index ended 1.2% higher after falling as much as 0.4% earlier in the session. Indian shares rose and the rupee also edged up, though gains were limited by geopolitical tensions and the country's now swiftly rising coronavirus case numbers. India on Thursday accused China of deploying large numbers of troops and weapons along a disputed Himalayan border in violation of bilateral agreements. Indian equities, one of this year's big underperformers, were however the sole market in the region set for a weekly gain, supported by increased inflows from global investors. Financial markets in China and Taiwan were closed for holidays. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are up 0.1 basis points at 6.258%, while Thailand's 10-year government bond yields are down 4 basis points at 1.21% ** Top gainers on the Thailand's SETI include Royal Orchid Hotel Thailand PCL up 14.63% at 35.25 baht, Grande Asset Hotels and Property PCL up 14.29% at 0.64 baht, Thai Reinsurance PCL up 13.89% at 0.15 baht ** Top gainers on the Singapore STI include Singapore Exchange Ltd up 2.11% at S$8.21, Wilmar International Ltd up 1.96% at S$4.16, Mapletree Logistics Trust up ​ 1.55% at S$3.15 ** In the Philippines, top index gainers are PLDT Inc up 5.04% at 1250 peso, Aboitiz Equity Ventures Inc up 3.65% at 46.85 peso, Metro Pacific Investments Corp up ​ 3.54% at 3.8 peso Asia stock indexes and currencies at 0810 GMT COUNTRY FX FX FX YTD INDEX STOCKS STOCKS RIC DAILY % % DAILY YTD % % Japan <JPY= +0.22 +1.55 <.N22 1.13 -4.84 > 5> India <INR= +0.05 -5.61 <.NSE 0.58 -14.96 IN> I> Indonesi <IDR= -0.35 -1.91 <.JKS 0.15 -22.15 a > E> Malaysia <MYR= -0.21 -4.57 <.KLS -0.23 -6.48 > E> Philippi <PHP= +0.02 +1.36 <.PSI 1.20 -20.77 nes > > S.Korea <KRW= +0.34 -3.68 <.KS1 1.05 -2.87 KFTC> 1> Singapor <SGD= -0.04 -3.39 <.STI 0.73 -19.05 e > > Thailand <THB= +0.08 -3.19 <.SET 0.36 -15.77 TH> I> (Reporting by Shriya Ramakrishnan in Bengaluru; editing by Patrick Graham and Anil D'Silva)

EMERGING MARKETS-Asian stocks on course for weekly losses as virus fears weigh

26 Jun 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Indonesian rupiah declines most * Philippine stocks reverse course to end higher By Shriya Ramakrishnan June 26 Asian stock markets steadied on Friday but were still on course to end the week lower as a growing number of coronavirus cases across the region and in other major economies dented hopes for a swift economic rebound. The Indonesian rupiah was the worst hit after the country reported another surge in domestic infections, while most other Asian currencies moved in a tight range as investors sought the relative security of the dollar. Several U.S. states have reported a record rise in infections this week, while China, Indonesia, India and the Philippines have also seen cases growing at an alarming rate, keeping investors on edge. In the absence of immediate catalysts, analysts said local markets were being propped by huge quantities of capital central banks have injected into the financial system. "The enormous amounts of stimulus continues to boost markets, but I'm not expecting a big rally until we get a clearer picture on whether or not the rise in case counts is a result of more expanded testing and will the mortality rates rise," said Stephen Innes, chief global markets strategist at AxiCorp. Singapore and Thai stocks rose as much as 1.1% and 1.4%, respectively, in the session, while South Korean shares and the won outperformed, boosted by an improvement in consumer sentiment data. Philippine stocks reversed early losses before the bell to end higher, helped by a bout of last-minute buying of blue-chip stocks. The benchmark index ended 1.2% higher after falling as much as 0.4% earlier in the session. Indian shares rose and the rupee also edged up, though gains were limited by geopolitical tensions and the country's now swiftly rising coronavirus case numbers. India on Thursday accused China of deploying large numbers of troops and weapons along a disputed Himalayan border in violation of bilateral agreements. Indian equities, one of this year's big underperformers, were however the sole market in the region set for a weekly gain, supported by increased inflows from global investors. Financial markets in China and Taiwan were closed for holidays. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are up 0.1 basis points at 6.258%, while Thailand's 10-year government bond yields are down 4 basis points at 1.21% ** Top gainers on the Thailand's SETI include Royal Orchid Hotel Thailand PCL up 14.63% at 35.25 baht, Grande Asset Hotels and Property PCL up 14.29% at 0.64 baht, Thai Reinsurance PCL up 13.89% at 0.15 baht ** Top gainers on the Singapore STI include Singapore Exchange Ltd up 2.11% at S$8.21, Wilmar International Ltd up 1.96% at S$4.16, Mapletree Logistics Trust up ​ 1.55% at S$3.15 ** In the Philippines, top index gainers are PLDT Inc up 5.04% at 1250 peso, Aboitiz Equity Ventures Inc up 3.65% at 46.85 peso, Metro Pacific Investments Corp up ​ 3.54% at 3.8 peso Asia stock indexes and currencies at 0810 GMT COUNTRY FX FX FX YTD INDEX STOCKS STOCKS RIC DAILY % % DAILY YTD % % Japan <JPY= +0.22 +1.55 <.N22 1.13 -4.84 > 5> India <INR= +0.05 -5.61 <.NSE 0.58 -14.96 IN> I> Indonesi <IDR= -0.35 -1.91 <.JKS 0.15 -22.15 a > E> Malaysia <MYR= -0.21 -4.57 <.KLS -0.23 -6.48 > E> Philippi <PHP= +0.02 +1.36 <.PSI 1.20 -20.77 nes > > S.Korea <KRW= +0.34 -3.68 <.KS1 1.05 -2.87 KFTC> 1> Singapor <SGD= -0.04 -3.39 <.STI 0.73 -19.05 e > > Thailand <THB= +0.08 -3.19 <.SET 0.36 -15.77 TH> I> (Reporting by Shriya Ramakrishnan in Bengaluru; editing by Patrick Graham and Anil D'Silva)

EMERGING MARKETS-Asian currencies held back by virus case surge, rupiah falls

26 Jun 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Indonesian rupiah weakens as local infections rise * S. Korean markets outperform By Shriya Ramakrishnan June 26 Asian currencies struggled for direction in choppy trade on Friday with Indonesia's rupiah trailing the rest of the region with a half percent fall after the country reported another surge in coronavirus infections. A generally improved mood pushed several of the region's stock markets higher, with South Korean shares and the won outperforming, boosted by a 3% jump for Samsung Electronics and improved consumer sentiment data. Worries about the growing number of coronavirus infections have kept investors on edge this week, denting hopes for a swift global economic recovery and pushing stock markets across the region lower. However, the stimulus pumped into the financial system by the world's major central banks has kept cash flowing towards stocks and emerging markets. "The previous surge in demand for USD (back in March) is now fading, and there is plenty of liquidity support globally," said Christopher Wong, a senior FX strategist at Maybank Singapore. "The sticking point is, though, will job losses come back, and how a second wave of infections pan out." Bank of Korea said it will extend its temporary offer of an unlimited of amount of money through repo operations for another month, adding it would actively provide liquidity should volatility rise in financial markets. The South Korean market has also benefited this week from an easing in tensions with North Korea, after the latter decided to suspend its military action plan. Stock markets in Singapore and Thailand reversed course after steep losses in the previous session to rise around 1%, helped by gains in the financial and energy sector, respectively. Philippine stocks fell and the peso gained 0.2%, a day after the country's central bank surprisingly cut interest rates for a fourth time this year. Jennifer Lomboy, a portfolio manager at First Metro Asset Management, said that weakness in the peso was relatively capped overnight by an ample supply of dollars. ING analysts expect Philippine central bank Governor Benjamin Diokno to refrain from further policy rate cuts and instead turn to reducing reserve requirements should it need to ease policy further. Financial markets in China and Taiwan were closed for holidays. HIGHLIGHTS: ** Indonesia's 3-year benchmark yield is up 2.7 basis points at 6.284%​​ while the Philippine 10-year benchmark yield is unchanged at 3.336% ** Top gainers on the Thailand's SETI include Internet Thailand PCL up 10.74% at 2.68 baht, Royal Orchid Hotel Thailand PCL up ​ 10.57% at 34 baht ** Top gainers in Singapore are Mapletree Commercial Trust up 2.59% at S$1.98, Capitaland Mall Trust up 2.53% at S$2.03, Oversea-Chinese Banking Corporation Ltd up ​ 1.79% at S$9.1 ** In the Philippines, top losers are Bloomberry Resorts Corp down -2.63% at 7.4 peso; DMCI Holdings Inc down -2.39% at 4.09 peso; San Miguel Corp down -2.01% at 97.5 peso Asia stock indexes and currencies at 0413 GMT COUNTRY FX FX DAILY FX YTD INDEX STOCKS STOCK RIC % % DAILY S YTD % % Japan <JPY= +0.05 +1.37 <.N22 1.21 -4.77 > 5> India <INR= 0.00 -5.66 <.NSE 0.76 -14.8 IN> I> 1 Indonesi <IDR= -0.53 -2.08 <.JKS 0.11 -22.1 a > E> 9 Malaysia <MYR= +0.02 -4.35 <.KLS -0.05 -6.32 > E> Philippi <PHP= +0.16 +1.50 <.PSI -0.31 -21.9 nes > > 6 S.Korea <KRW= +0.52 -3.51 <.KS1 1.27 -2.66 KFTC> 1> Singapor <SGD= +0.03 -3.33 <.STI 0.90 -18.9 e > > 0 Thailand <THB= +0.13 -3.14 <.SET 1.08 -15.1 TH> I> 7 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Kim Coghill)

EMERGING MARKETS-Asian currencies held back by virus case surge, rupiah falls

26 Jun 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Indonesian rupiah weakens as local infections rise * S. Korean markets outperform By Shriya Ramakrishnan June 26 Asian currencies struggled for direction in choppy trade on Friday with Indonesia's rupiah trailing the rest of the region with a half percent fall after the country reported another surge in coronavirus infections. A generally improved mood pushed several of the region's stock markets higher, with South Korean shares and the won outperforming, boosted by a 3% jump for Samsung Electronics and improved consumer sentiment data. Worries about the growing number of coronavirus infections have kept investors on edge this week, denting hopes for a swift global economic recovery and pushing stock markets across the region lower. However, the stimulus pumped into the financial system by the world's major central banks has kept cash flowing towards stocks and emerging markets. "The previous surge in demand for USD (back in March) is now fading, and there is plenty of liquidity support globally," said Christopher Wong, a senior FX strategist at Maybank Singapore. "The sticking point is, though, will job losses come back, and how a second wave of infections pan out." Bank of Korea said it will extend its temporary offer of an unlimited of amount of money through repo operations for another month, adding it would actively provide liquidity should volatility rise in financial markets. The South Korean market has also benefited this week from an easing in tensions with North Korea, after the latter decided to suspend its military action plan. Stock markets in Singapore and Thailand reversed course after steep losses in the previous session to rise around 1%, helped by gains in the financial and energy sector, respectively. Philippine stocks fell and the peso gained 0.2%, a day after the country's central bank surprisingly cut interest rates for a fourth time this year. Jennifer Lomboy, a portfolio manager at First Metro Asset Management, said that weakness in the peso was relatively capped overnight by an ample supply of dollars. ING analysts expect Philippine central bank Governor Benjamin Diokno to refrain from further policy rate cuts and instead turn to reducing reserve requirements should it need to ease policy further. Financial markets in China and Taiwan were closed for holidays. HIGHLIGHTS: ** Indonesia's 3-year benchmark yield is up 2.7 basis points at 6.284%​​ while the Philippine 10-year benchmark yield is unchanged at 3.336% ** Top gainers on the Thailand's SETI include Internet Thailand PCL up 10.74% at 2.68 baht, Royal Orchid Hotel Thailand PCL up ​ 10.57% at 34 baht ** Top gainers in Singapore are Mapletree Commercial Trust up 2.59% at S$1.98, Capitaland Mall Trust up 2.53% at S$2.03, Oversea-Chinese Banking Corporation Ltd up ​ 1.79% at S$9.1 ** In the Philippines, top losers are Bloomberry Resorts Corp down -2.63% at 7.4 peso; DMCI Holdings Inc down -2.39% at 4.09 peso; San Miguel Corp down -2.01% at 97.5 peso Asia stock indexes and currencies at 0413 GMT COUNTRY FX FX DAILY FX YTD INDEX STOCKS STOCK RIC % % DAILY S YTD % % Japan <JPY= +0.05 +1.37 <.N22 1.21 -4.77 > 5> India <INR= 0.00 -5.66 <.NSE 0.76 -14.8 IN> I> 1 Indonesi <IDR= -0.53 -2.08 <.JKS 0.11 -22.1 a > E> 9 Malaysia <MYR= +0.02 -4.35 <.KLS -0.05 -6.32 > E> Philippi <PHP= +0.16 +1.50 <.PSI -0.31 -21.9 nes > > 6 S.Korea <KRW= +0.52 -3.51 <.KS1 1.27 -2.66 KFTC> 1> Singapor <SGD= +0.03 -3.33 <.STI 0.90 -18.9 e > > 0 Thailand <THB= +0.13 -3.14 <.SET 1.08 -15.1 TH> I> 7 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Kim Coghill)

EMERGING MARKETS-Asian currencies held back by virus case surge, rupiah falls

26 Jun 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Indonesian rupiah weakens as local infections rise * S. Korean markets outperform By Shriya Ramakrishnan June 26 Asian currencies struggled for direction in choppy trade on Friday with Indonesia's rupiah trailing the rest of the region with a half percent fall after the country reported another surge in coronavirus infections. A generally improved mood pushed several of the region's stock markets higher, with South Korean shares and the won outperforming, boosted by a 3% jump for Samsung Electronics and improved consumer sentiment data. Worries about the growing number of coronavirus infections have kept investors on edge this week, denting hopes for a swift global economic recovery and pushing stock markets across the region lower. However, the stimulus pumped into the financial system by the world's major central banks has kept cash flowing towards stocks and emerging markets. "The previous surge in demand for USD (back in March) is now fading, and there is plenty of liquidity support globally," said Christopher Wong, a senior FX strategist at Maybank Singapore. "The sticking point is, though, will job losses come back, and how a second wave of infections pan out." Bank of Korea said it will extend its temporary offer of an unlimited of amount of money through repo operations for another month, adding it would actively provide liquidity should volatility rise in financial markets. The South Korean market has also benefited this week from an easing in tensions with North Korea, after the latter decided to suspend its military action plan. Stock markets in Singapore and Thailand reversed course after steep losses in the previous session to rise around 1%, helped by gains in the financial and energy sector, respectively. Philippine stocks fell and the peso gained 0.2%, a day after the country's central bank surprisingly cut interest rates for a fourth time this year. Jennifer Lomboy, a portfolio manager at First Metro Asset Management, said that weakness in the peso was relatively capped overnight by an ample supply of dollars. ING analysts expect Philippine central bank Governor Benjamin Diokno to refrain from further policy rate cuts and instead turn to reducing reserve requirements should it need to ease policy further. Financial markets in China and Taiwan were closed for holidays. HIGHLIGHTS: ** Indonesia's 3-year benchmark yield is up 2.7 basis points at 6.284%​​ while the Philippine 10-year benchmark yield is unchanged at 3.336% ** Top gainers on the Thailand's SETI include Internet Thailand PCL up 10.74% at 2.68 baht, Royal Orchid Hotel Thailand PCL up ​ 10.57% at 34 baht ** Top gainers in Singapore are Mapletree Commercial Trust up 2.59% at S$1.98, Capitaland Mall Trust up 2.53% at S$2.03, Oversea-Chinese Banking Corporation Ltd up ​ 1.79% at S$9.1 ** In the Philippines, top losers are Bloomberry Resorts Corp down -2.63% at 7.4 peso; DMCI Holdings Inc down -2.39% at 4.09 peso; San Miguel Corp down -2.01% at 97.5 peso Asia stock indexes and currencies at 0413 GMT COUNTRY FX FX DAILY FX YTD INDEX STOCKS STOCK RIC % % DAILY S YTD % % Japan <JPY= +0.05 +1.37 <.N22 1.21 -4.77 > 5> India <INR= 0.00 -5.66 <.NSE 0.76 -14.8 IN> I> 1 Indonesi <IDR= -0.53 -2.08 <.JKS 0.11 -22.1 a > E> 9 Malaysia <MYR= +0.02 -4.35 <.KLS -0.05 -6.32 > E> Philippi <PHP= +0.16 +1.50 <.PSI -0.31 -21.9 nes > > 6 S.Korea <KRW= +0.52 -3.51 <.KS1 1.27 -2.66 KFTC> 1> Singapor <SGD= +0.03 -3.33 <.STI 0.90 -18.9 e > > 0 Thailand <THB= +0.13 -3.14 <.SET 1.08 -15.1 TH> I> 7 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Kim Coghill)

EMERGING MARKETS-Peso retreats after surprise rate cut, virus fears grip Asian stocks

25 Jun 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * S. Korean shares worst hit in the region * Philippines c.bank cuts interest rates by 50 basis points * Indian shares set to extend declines By Shriya Ramakrishnan June 25 Asian stock markets sold off heavily on Thursday as fears of surging global coronavirus cases and fresh trade tensions dented confidence, while the Philippine peso retreated after a shock half point cut in interest rates. The move by Bangko Sentral Pilipinas (BSP) was its fourth this year, reducing headline rates to a new low and adding that further cuts "would mitigate" risks to economic growth. The peso, which gained as much as 0.2% earlier in the day, fell back to trade flat at 50.05 per dollar after the decision, while Philippine shares ended down 1.1% at a more than three-week low. "The surprise rate cut by the BSP will likely sap some appreciation pressure for the peso in the near term," said Nicholas Mapa, senior economist for the Philippines at ING, while arguing it could be the last move this year. The peso has appreciated 1.2% against the dollar so far in 2020 and even after four cuts in rates this year, with base rates at 2.25%, the country's government bonds offer an attractive premium to other emerging markets in the region. The yield on the 10-year Philippines' debt stood at around 3.42% after the decision, down 207 basis points from a late-March high of 5.49%. Stock markets of trade-sensitive economies across the region took a hammering in morning trade as the International Monetary Fund cut its forecasts for economic output this year and signs of more global trade tensions overnight unnerved markets. Singapore, Thailand and South Korea lost between 1.0% and 2.3%, while South Korea's won fell about 0.4%. Investors pushed funds into the dollar and other traditional safe havens as the trade tensions and rising coronavirus cases in India, Indonesia, the United States and parts of Europe cooled hopes of a quick global economy recovery. South Korean markets were further hit by the government's proposal to widen capital gains taxes for retail investors. Indian shares were set to extend declines for a second day after the IMF slashed its growth outlook for the country, the fourth worst hit in the world by the novel coronavirus, according to a Reuters tally. Financial markets in China and Taiwan were closed for holidays. Asia stock indexes and currencies at 0821 GMT COUNTRY FX FX FX YTD INDEX STOCKS STOCK RIC DAILY % % DAILY S YTD % % Japan <JPY= -0.13 +1.35 -1.22 -5.90 > India <INR= +0.13 -5.60 -0.36 -15.6 IN> 2 Indonesi <IDR= -0.14 -1.56 -1.37 -22.2 a > 7 Malaysia <MYR= +0.02 -4.35 -0.72 -6.10 > Philippi <PHP= +0.02 +1.20 -1.14 -21.7 nes > 1 S.Korea <KRW= -0.44 -4.01 -2.27 -3.88 KFTC> Singapor <SGD= +0.12 -3.36 -1.88 -19.9 e > 7 Thailand <THB= -0.23 -3.17 -1.04 -16.4 TH> 7 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)

EMERGING MARKETS-Peso retreats after surprise rate cut, virus fears grip Asian stocks

25 Jun 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * S. Korean shares worst hit in the region * Philippines c.bank cuts interest rates by 50 basis points * Indian shares set to extend declines By Shriya Ramakrishnan June 25 Asian stock markets sold off heavily on Thursday as fears of surging global coronavirus cases and fresh trade tensions dented confidence, while the Philippine peso retreated after a shock half point cut in interest rates. The move by Bangko Sentral Pilipinas (BSP) was its fourth this year, reducing headline rates to a new low and adding that further cuts "would mitigate" risks to economic growth. The peso, which gained as much as 0.2% earlier in the day, fell back to trade flat at 50.05 per dollar after the decision, while Philippine shares ended down 1.1% at a more than three-week low. "The surprise rate cut by the BSP will likely sap some appreciation pressure for the peso in the near term," said Nicholas Mapa, senior economist for the Philippines at ING, while arguing it could be the last move this year. The peso has appreciated 1.2% against the dollar so far in 2020 and even after four cuts in rates this year, with base rates at 2.25%, the country's government bonds offer an attractive premium to other emerging markets in the region. The yield on the 10-year Philippines' debt stood at around 3.42% after the decision, down 207 basis points from a late-March high of 5.49%. Stock markets of trade-sensitive economies across the region took a hammering in morning trade as the International Monetary Fund cut its forecasts for economic output this year and signs of more global trade tensions overnight unnerved markets. Singapore, Thailand and South Korea lost between 1.0% and 2.3%, while South Korea's won fell about 0.4%. Investors pushed funds into the dollar and other traditional safe havens as the trade tensions and rising coronavirus cases in India, Indonesia, the United States and parts of Europe cooled hopes of a quick global economy recovery. South Korean markets were further hit by the government's proposal to widen capital gains taxes for retail investors. Indian shares were set to extend declines for a second day after the IMF slashed its growth outlook for the country, the fourth worst hit in the world by the novel coronavirus, according to a Reuters tally. Financial markets in China and Taiwan were closed for holidays. Asia stock indexes and currencies at 0821 GMT COUNTRY FX FX FX YTD INDEX STOCKS STOCK RIC DAILY % % DAILY S YTD % % Japan <JPY= -0.13 +1.35 -1.22 -5.90 > India <INR= +0.13 -5.60 -0.36 -15.6 IN> 2 Indonesi <IDR= -0.14 -1.56 -1.37 -22.2 a > 7 Malaysia <MYR= +0.02 -4.35 -0.72 -6.10 > Philippi <PHP= +0.02 +1.20 -1.14 -21.7 nes > 1 S.Korea <KRW= -0.44 -4.01 -2.27 -3.88 KFTC> Singapor <SGD= +0.12 -3.36 -1.88 -19.9 e > 7 Thailand <THB= -0.23 -3.17 -1.04 -16.4 TH> 7 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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