Most Asian currencies, stocks advance after U.S. prevents debt default
South Korean won, Malaysian ringgit lead gains
U.S. non-farm payrolls data eyed later in global day
Most Asian shares report weekly losses
By Archishma Iyer
June 2 (Reuters) -Most Asian currencies and shares advanced on Friday after the United States prevented a historic default by raising its multi-trillion dollar debt ceiling, with the South Korean won also getting a boost from fresh signs of inflation cooling in the country.
The U.S. Senate passed a bipartisan legislation late on Thursday to raise the country's $31.4 trillion debt ceiling. nL1N37T1S4
"Sentiment has improved somewhat given the US debt ceiling progress lessens concerns about continued rate hike pressure," said Raymond Cheng, Chief Investment Officer, North Asia, Standard Chartered Bank. "The resulting weaker greenback is benefiting the Asian currencies."
At 0635GMT, the dollar index =USD was at 103.45.
Back in Asia, South Korea's inflation cooled for the fourth straight month, in line with market expectations, even as its central bank said that the outlook for price pressures is highly uncertain. nL4N37R1Y5
The won KRW=KFTC traded about 1.2% higher to hit its highest since mid-April, while the Malaysian ringgit MYR= appreciated about 0.5%,poised for its best day since late March.
Other currencies like the Thai baht THB=TH, Philippines peso PHP= and the Taiwan dollar TWD=TP gained in the range of 0.2% and 0.3%
Investors will now look to the U.S. non-farm payrolls report later in the day.Markets have largely pared back their expectations for a 25 basis point hike this month to a 20% chance, as compared to steep 50% in the previous week.
Local market participants will also look out for inflation prints from Indonesia, China and Thailand, for further clues on their respective central banks' next moves.
In the equities markets, shares in South Korea .KS11, Taiwan .TWII, and the Philippines .PSI rose between 0.5% and 1.2%.
Separately, shares in Colombo .CSE extended gains by rising more than 1%, a day after the country's central bank surprised markets by slashing interest rates for the first time in three years. nL1N37T05X
However, most Asian indexes recorded weekly losses as bleak economic data which revealed the uneven nature of recovery in Asia's largest economy China, capped risk sentiment, with the Malaysian equities falling the most about 1.8%.
Indonesia markets were closed for public holidays.
HIGHLIGHTS:
** Indian shares up on Fed pause hopes; Hero climbs on strong sales nL4N37U0ZV
** JPMorgan's Dimon visiting Taiwan on Friday - source nL4N37U14P
** BOJ's Ueda keeps free hand, says no time frame for achieving price goal nL4N37U0C0
Asia stock indexes and currencies at 0635 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.09 | -5.62 | .N225 | 1.21 | 20.81 |
China | CNY=CFXS | +0.34 | -2.48 | .SSEC | 0.83 | 4.59 |
India | INR=IN | +0.10 | +0.49 | .NSEI | 0.19 | 2.30 |
Indonesia | IDR= | - | +3.87 | .JKSE | - | -3.17 |
Malaysia | MYR= | +0.52 | -4.08 | .KLSE | -0.36 | -7.85 |
Philippines | PHP= | +0.27 | -0.43 | .PSI | 0.55 | -1.53 |
S.Korea | KRW=KFTC | +1.22 | -3.16 | .KS11 | 1.25 | 16.32 |
Singapore | SGD= | +0.25 | -0.35 | .STI | - | -2.61 |
Taiwan | TWD=TP | +0.30 | +0.20 | .TWII | 1.18 | 18.17 |
Thailand | THB=TH | +0.22 | +0.03 | .SETI | 0.54 | -8.33 |
Reporting by Archishma Iyer in Bengaluru; Editing by Nivedita Bhattacharjee
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