Singapore, S.Korea stocks lead declines in Asian equities
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Thai baht retreats 0.4%
Singapore stocks hit lowest since mid-September
Shanghai and Seoul equities fall nearly 1%
By Himanshi Akhand and Adwitiya Srivastava
Oct 30 (Reuters) -Stocks in Singapore and South Korea led declines among Asian equities on Wednesday, with investors cautious ahead of the hotly contested U.S. election next week. Currencies also trended broadly lower while the dollar stood at a three-month peak.
The broader MSCI index of international emerging markets equities .MSCIEF retreated 0.8% and MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell nearly 1%.
Singapore equities .STI declined 0.9% to hit their lowest level since mid-September, while Seoul shares .KS11 fell 1%.
Saktiandi Supaat, head of Asia forex research at Maybank, said investors were weighing the potential outcome of the U.S. election and the Federal Reserve's policy trajectory, as well as the outlook for global growth, including an expected China fiscal stimulus package.
Chinese stocks .SSEC dipped 0.9% as traders awaited a top leadership meeting in Beijing next week that could reveal details of the package.
Reuters reported on Tuesday that China is considering approving next week the issuance of more than 10 trillion yuan ($1.4 trillion) in extra debt in the next few years to revive its fragile economy.
Among currencies, the Malaysian ringgit MYR= fell 0.4% and was on track to log its worst month since November 2016.
The Philippine peso PHP= inched 0.1% lower and was headed for its worst monthly performance in two years.
The pressure on regional currencies this month reflects the strong performance of the dollar, which is headed for its best monthly performance in about two-and-a-half years as investors pare back their expectations of a large rate cut by the Fed. FRX/
Mixed U.S. indicators overnight, showing a loosening U.S. jobs market but a confident consumer, provided little clarity on the outlook for the Fed's easing path.
Investors have been putting on trades betting that Republican candidate Donald Trump could be president again, although he is still neck-and-neck with Vice President Kamala Harris in several polls.
"A Trump win can risk weighing on regional economies and hurt appetite for regional EM FX given the tariffs that he has proposed to implement," analysts at Maybank said in a note.
The Thai baht THB=TH fell 0.4% and was on track to record its worst monthly decline since September 2023.
Maybank analysts remain cautious on the baht and see upside risks building up to the U.S. election, with higher safe-haven demand for gold potentially helping the currency to hold up better than its peers.
HIGHLIGHTS:
** Thai policy rate adequate to handle risks, c.bank minutes from rate-cut meeting show
** EU slaps tariffs on Chinese EVs, risking Beijing backlash
** Malaysian court rules ex-PM Najib needs to enter defence in 1MDB-linked case
Asia stocks and currencies as at 0450 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.05 | -7.97 | .N225 | 1.07 | 17.50 |
China | CNY=CFXS | -0.12 | -0.55 | .SSEC | -0.86 | 9.52 |
India | INR=IN | +0.01 | -1.03 | .NSEI | -0.29 | 12.26 |
Indonesia | IDR= | +0.13 | -2.16 | .JKSE | -0.74 | 3.81 |
Malaysia | MYR= | -0.41 | +4.58 | .KLSE | -0.32 | 10.67 |
Philippines | PHP= | -0.10 | -5.01 | .PSI | -0.53 | 11.66 |
S.Korea | KRW=KFTC | -0.09 | -6.90 | .KS11 | -1.06 | -2.46 |
Singapore | SGD= | -0.11 | -0.46 | .STI | -0.89 | 9.82 |
Taiwan | TWD=TP | +0.16 | -4.10 | .TWII | -0.27 | 27.51 |
Thailand | THB=TH | -0.36 | +1.20 | .SETI | -0.04 | 2.45 |
Reporting by Himanshi Akhand and Adwitiya Srivastava in Bengaluru; Editing by Nicholas Yong
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