Asian equities led higher by Taiwan on US tech gains; FX tepid
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Taiwan shares gain 3.2%
Indonesian rupiah down 0.1%
Thailand stocks jump 0.7%
By Rishav Chatterjee
Sept 12 (Reuters) -Taiwan stocks led major gains on Thursday among rising emerging Asian markets, buoyed by a tech-fuelled rally on Wall Street, while currencies took a breather after U.S. data reinforced the outlook for a smaller rate cut by the Federal Reserve.
Taiwan equities .TWII jumped as much as 3.2% and the Taiwan dollar TWD=TP traded 0.1% lower against a steady greenback.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rallied 1%.
Technology stocks in Taiwan led the gains across local equities after chip-major Nvidia Corp NVDA.O jumped more than 8% overnight. Taiwan Semiconductor Manufacturing Co 2330.TW, a provider of foundry services for Nvidia, rose as much as 4.8%.
"U.S. tech shares closed stronger and the spillover effect is benefiting tech-heavy market in Taiwan," said Christopher Wong, currency strategist at OCBC.
The rally in Taiwan stocks comes as investors continue to buy into the artificial intelligence frenzy, driving up shares of chipmakers amid media speculation that the U.S. government may allow Nvidia to export advanced chips to Saudi Arabia.
In other markets, equities in South Korea .KS11 and Philippines gained 1.5% and 1.1% respectively, and equities in Singapore .STI hit their highest in more than six years.
Currency traders in emerging Asia mostly expressed caution after faster-than-expected inflation data from the U.S. led investors to dampen bets on how much the Federal Reserve will cut interest rates next week.
Global traders are now widely anticipating a cut of 25 basis points by the Federal Reserve after the U.S. inflation print, with the probability for a half-point cut at 15%.
"While anticipation of a Fed rate cut pushed stocks higher, the second major boost came when Nvidia's CEO announced overwhelming demand for its latest tech products," said Jessica Amir, market strategist at trading platform moomoo.
The Thai baht THB=, Indonesian rupiah IDR= and Philippine peso PHP= fell between 0.1% and 0.2%.
Thailand's new Prime Minister Paetongtarn Shinawatra is set to deliver her government's policy proposal to parliament on Thursday. Stocks in Bangkok jumped 0.7%.
Among other currencies, the Singapore dollar SGD= was trading flat whereas the Malaysian ringgit MYR= slipped 0.1%.
HIGHLIGHTS:
** Philippines says had "frank, candid" talks with China on South China Sea
** Indonesia's dwindling middle class seen dimming economic outlook
** Thailand's new PM Paetongtarn to outline policies to parliament
Asia stock indexes and currencies at 0310 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.04 | -0.94 | .N225 | 2.77 | 10% |
China | CNY=CFXS | -0.00 | -0.30 | .SSEC | -0.06 | -8.57 |
India | INR=IN | +0.00 | -0.92 | .NSEI | 0.00 | 14.67 |
Indonesia | IDR= | -0.10 | -0.10 | .JKSE | 0.76 | 7.52 |
Malaysia | MYR= | -0.07 | +6.00 | .KLSE | 0.18 | 12.93 |
Philippines | PHP= | -0.14 | -1.18 | .PSI | 1.09 | 8.85 |
S.Korea | KRW=KFTC | +0.10 | -3.89 | .KS11 | 1.51 | -3.91 |
Singapore | SGD= | +0.00 | +1.19 | .STI | 0.38 | 9.39 |
Taiwan | TWD=TP | -0.14 | -4.40 | .TWII | 3.17 | 21.01 |
Thailand | THB=TH | -0.15 | +1.23 | .SETI | 0.71 | 0.67 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Rishav Chatterjee in Bengaluru; Editing by Tom Hogue
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