ReutersReuters

Softer Fed signals, easing Chinese COVID curbs power Asian gains

Nyckelpunkter:
  • Indonesian rupiah gains most in 3 weeks
  • Indian rupee hits highest level since Nov. 14
  • South Korean won firms for 3rd straight day

The ringgit USDMYR appreciated 0.9% to its highest level since June 30, adding to recent strength seen after the appointment of a new prime minister last week. Signs that China may be softening its dynamic zero-COVID strategy also supported the Malaysia currency as exports to China would benefit from any pick up in activity there.

Thailand's baht USDTHB, which gained on Wednesday after the central bank raised rates by 25 basis points, rose a further 0.4% to its highest level since June 29. Stocks SET added 0.5% and touched a more than two-month high.

"For now, my best case is we are going to see about 20 million foreign tourists in the next year, and that's really because I hold some expectation for the return of Chinese tourists in maybe the second half," said Poon Panichpibool, markets strategist at Krung Thai Bank.

Thailand's economy is heavily reliant on tourism. The sector is trying to bounce back after being hit by a slump in Chinese visitors since the COVID pandemic erupted in early 2020.

That was partly behind the gains in most regional share markets, though stocks in the Philippines PSEI shed 0.2% after rising for six consecutive sessions.

HIGHLIGHTS:

** Indonesian 10-year benchmark yields fall 7.3 basis points to 6.876%

** China Caixin manufacturing PMI beats at 49.4 vs poll 48.9

** Two cities in China relaxed some curbs after unrest

Asia stock indexes and currencies at 0423 GMT

COUNTRY

FX RIC

FX DAILY %

FX YTD %

INDEX

STOCKS DAILY %

STOCKS YTD %

Japan

USDJPY

+0.89

-15.88

NI225

1.16

-1.74

China

USDCNY

+0.33

-10.11

000001

0.65

-12.86

India

USDINR

+0.39

-8.35

NIFTY

0.59

8.73

Indonesia

USDIDR

+0.62

-8.85

COMPOSITE

-0.60

6.95

Malaysia

USDMYR

+0.89

-5.45

BURSA

0.35

-2.83

Philippines

USDPHP

+0.23

-9.50

PSEI

-0.17

-4.96

S.Korea

USDKRW

+1.20

-8.79

KOSPI

0.27

-16.74

Singapore

USDSGD

+0.17

-0.74

STI

0.15

5.50

Taiwan

USDTWD

+0.89

-9.64

TAIEX

0.95

-17.55

Thailand

USDTHB

+0.40

-4.53

SET

0.83

-0.53

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