Asian stocks slip as weak China data adds to global growth worries
* Weaker China data hurts equities in EM Asia
* Singapore stocks down 0.8%, hits 2-week low
* Asian FX largely subdued
By Harish Sridharan
Sept 15 (Reuters) - Stocks in Asia's emerging markets fell on Wednesday, as uncertainty surrounding the U.S. Federal Reserve's tapering timeline and weaker-than-expected Chinese economic data rekindled worries about slowing global growth, and raised aversion towards riskier assets.
Equities in Singapore .STI led losses in the broader region, while Taiwan .TWII , Malaysia .KLSE and Indonesia .JKSE also fell.
China's industrial output in August rose at its weakest pace since July 2020, while retail sales growth also slowed significantly, as COVID-19 controls and curbs on high-polluting industries disrupted activity in the world's second-biggest economy.
"Slowing China activity has a knock-on effect across the region," said Mitul Kotecha, Chief EM Asia & Europe strategist at TD Securities.
"This just exacerbates global concerns about weakening economic activity.. that we are past peak growth and moderation in activity is now intensifying."
U.S. data on Tuesday showed the consumer price index rose up less than expected in August. Lower inflation suggests that the Fed will be under less pressure to begin trimming its vast asset purchases soon.
Currencies in the region were largely subdued and traded sideways against an unchanged dollar.
Singapore on Tuesday reported its highest number of COVID-19 cases since August last year. A recent rise in cases after relaxation of some COVID-19 measures has prompted the city-state to pause on further reopening.
Stocks in Singapore dropped 0.8% and were the top losers in the region, while shares in South Korea edged higher.
In South Korea, data showed the unemployment rate for August fell to the lowest on record, suggesting that the economy continued to recover from the pandemic, despite the latest wave of infections.
** Malaysia's 10-year benchmark yield is up 1.4 basis points at 3.307%
** Top losers on Singapore STI .STI was Jardine Matheson Holdings Ltd JARD.SI , down 2.19%
** Thai baht THB=TH , Philippine peso PHP= weaker
Asia stock indexes and currencies at 0355 GMT COUNTRY
INDEX STOCKS STOCKS
DAILY YTD %
DAILY YTD %
+0.06 -5.80 .N225
-0.58 11.11 China
-0.06 +1.34 .SSEC
+0.00 -0.83 .NSEI
0.04 24.36 Indonesia
-0.02 -1.46 .JKSE
+0.07 -3.30 .KLSE
-0.29 -4.68 Philippines PHP=
-0.14 -3.67 .PSI
-0.14 -3.21 S.Korea
-0.03 -7.26 .KS11
+0.04 -1.65 .STI
+0.10 +2.89 .TWII
-0.27 18.02 Thailand
+0.18 -8.83 .SETI
Graphic: World FX rates Link
Asian stock markets Link
Reporting by Harish Sridharan in Bengaluru; Editing by Kim
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