Asian stocks, currencies weaken after Fed officials' remarks

<html xmlns=""><head><title>EMERGING MARKETS-Asian stocks, currencies weaken after Fed officials' remarks</title></head><body>

Singapore stocks lead losses in Asia

S.Korean hits weakest level since Jan. 6

Malaysia's Q4 GDP scheduled for Friday

By Harish Sridharan

Feb 9 (Reuters) -Stocks and currencies in Asia's emerging markets were largely weaker on Thursday, as risk sentiment was dampened by Federal Reserve speakersechoing Chair Jerome Powell's rhetoric on higher interest rates for longer.

Shares in Manila .PSI, Singapore .STI and Kuala Lumpur .KLSE were down between 0.3% and 0.9%. Equities in Taipei .TWII and Mumbai .NSEI also fell.

Cautious sentiment prevailed overnight on Wall Street after Federal Reserve officials said more interest rate rises were on the cards.

Fed Governor Christopher Waller said last night that the U.S. central bank's battle to reach its 2% inflation target "might be a long fight".

New York Fed President John Williams said moving to a federal funds rate of between 5.00% and 5.25% "seems a very reasonable view of what we'll need to do this year in order to get the supply and demand imbalances down."

Asian shares had begun 2023 on firmer footing, thanks to China dismantling its zero-COVID curbs in late 2022. Also helping lift sentiment were investors betting the Fed was reaching the end of its cycle of raising interest rates.

Shares have, however, lost steam in the past couple of weeks on lingering inflationary pressures and worries surrounding higher rates.

"The cautious sentiment that we see in the Asian markets reflects continued concerns about the Fed," said Irene Cheung, senior Asia strategist at ANZ in Singapore.

"Most of the moves are quite small right now and I expect that to continue in the run up to (U.S.) CPI data next Tuesday," she added.

Currencies in the region also edged lower.

Thailand's baht THB=TH depreciated 0.3%, with higher oil prices also weighing on the currency, the best performing in Asia this year.

The ringgit MYR= was down 0.2%. Malaysia is scheduled to publish gross domestic product (GDP) data for the fourth quarter on Friday.

A survey conducted by Reuters found that Malaysia's economic growth had likely slowed by more than half to 6.6% in the fourth quarter of 2022 due to tepid consumption and softer global demand.

Indonesia's rupiah IDR= fell 0.2%, while the South Korean won KRW=KFTC reached its weakest level since January 6.

The Chinese yuan CNY=CFXS ticked up 0.1%, supported by signs of tightness in money markets and expectations that data would show robust credit growth. CNY/

India's Nifty 50 index fell 0.4%, while the Indian rupee INR=IN weakened 0.2% a day after the Reserve Bank of India delivered an expected 25 basis points rate hike and surprised markets by leaving the door open to more tightening. Core inflation remained high, it said.


** Yield on Indonesia's 10-year note ID10YT=RR falls 7 bps to 6.636%

** Malaysia Q4 GDP growth expected to have slowed to 6.6% - Reuters poll

** Biden, asked if relations with China have taken a big hit, says no; China shares up 0.6%

Asia stock indexes and currencies at 0440 GMT














































































Graphic: World FX rates

Asian stock markets

Reporting by Harish Sridharan in Bengaluru; Editing by Bradley Perrett


Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.

Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.

Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.

Gumagamit kami ng cookies para mabigyan ka ng mahusay na karanasan sa aming website. Magbasa pa o palitan ang iyong cookie settings.

Babala sa Risk: Maaaring malugi ang iyong kapital. Maaaring hindi nababagay sa lahat ang mga produktong naka-leverage. Mangyaring isaalang-alang ang aming Pahayag sa Risk.