* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I
* Philippine stocks slide nearly 2%, lead losses
* Yuan's 0.3% bounce keeps Asian FX afloat
* Indonesian and Malaysian markets shut on local holidays
By Rashmi Ashok
Oct 29 (Reuters) - Asian equities slid on Thursday after
surging coronavirus cases in the United States and Europe
sparked a sell-off on Wall Street overnight, while a rebound in
the Chinese yuan helped shield regional currencies from the
risk-off mood.
France and Germany went into lockdowns, which prompted
worries that more European nations may be forced to follow suit
in a move that could threaten a nascent economic recovery.
Philippine's benchmark stock index .PSI slid most in the
region, down 2% and was on track for its biggest drop since Aug.
19, after last week's rise of nearly 10%.
The Chinese yuan CNY=CFXS rose 0.3 %, recovering losses
made in the previous session. It fell on Wednesday after some
banks tweaked a methodology for fixing the yuan's daily
midpoint, which was seen by some as a sign that Beijing is
willing to allow some weakness in its currency. The yuan's strength helped put a floor under most Asian
currencies despite an appreciating U.S. dollar. The Singapore
dollar SGD= , closely tied to the Chinese currency's moves due
to close trade ties, rose 0.2% higher.
"This has helped cap losses in other Asia-ex Japan FX as
well," analysts at Maybank wrote in a note, referring to the
yuan's strength.
The Taiwan dollar TWD=TP jumped 1% while the Philippine
peso PHP= also traded a touch firmer. The South Korean won
also pulled back from deeper losses to stand only marginally
weaker.
Worries about the outcome of the U.S. election next week
also overshadowed trade, given the stark difference between
Democratic presidential candidate Joe Biden's trade policies
towards Asia from those of President Donald Trump. "A Biden win would likely bode well for Asia, given a less
aggressive trade stance/potential for stronger fiscal stimulus.
Trade orientated FX such as the yuan, won, Singapore dollar and
Taiwan dollar will likely be the main beneficiaries," analysts
at TD Securities wrote earlier this week.
They also noted that a weaker U.S. dollar would also be
likely if Biden won, while a Trump win could spur a stronger
dollar and further hinder appreciation in Asian currencies.
Markets in Indonesia and Malaysia were shut on account of
local holidays.
HIGHLIGHTS
** In the Philippines, top index losers are LT Group Inc
LTG.PS down 4.64% and Ayala Land Inc ALI.PS down 4.43%
** Top losers on the Singapore STI .STI include Mapletree
Commercial Trust MACT.SI down 3.24% and Capitaland Mall Trust
CMLT.SI down 2.2%
** Singapore's 10-year benchmark yield SG10YT=RR was up
0.1 basis points at 0.833% and the 5-year benchmark yield
SG5YT=RR was up 3.2 basis points at 0.496%
Asia stock indexes and
currencies at 0449 GMT
COUNTRY FX RIC FX FX INDEX STOCK STOCK
DAILY YTD % S S YTD
% DAILY %
%
Japan JPY= -0.12 +4.01 .N225 -0.36 -1.36
China
S>
India INR=IN -0.20 -3.57 .NSEI -0.30 -3.90
Philipp PHP= +0.08 +4.65 .PSI -1.73 -19.8
ines 0
S.Korea
C>
Singapo SGD= +0.17 -1.34 .STI -0.80 -23.5
re 6
Taiwan TWD=TP +1.06 +5.25 .TWII -1.02 5.55
Thailan THB=TH -0.13 -4.23 .SETI -0.43 -23.8
d 7