Rupiah drops with Q3 GDP miss; Manila stocks gain prior to U.S. election
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Rupiah currency at weakest since Aug. 13
Indonesia Q3 GDP due later in the day
Philippine stocks have strongest session since Oct. 15
By Rishav Chatterjee and Adwitiya Srivastava
Nov 5 (Reuters) -The Indonesian rupiah was pinned near its lowest in about three months after third-quarter growth in Southeast Asia's largest economy missed expectations, while eyes turned towards Tuesday's presidential elections in the United States.
The rupiah IDR= dropped on the news by as much as 0.3% against the greenback, to stand at its weakest since mid-August, while Jakarta stocks .JKSE were trading marginally lower.
Indonesia's economy grew 4.95% annually in the July-September quarter, data from the statistics bureau showed, slightly below market expectations and compared with 5.05% growth in the second quarter.
That shows a difficult path ahead for new President Prabowo Subianto, who aims to bolster growth to as much as 8% in his term.
"We expect growth to slow on our measure of activity as lower commodity prices, subdued global demand and tight monetary policy weigh on demand," said Gareth Leather, senior Asia economist at Capital Economics.
Other emerging Asian currencies kept tepid as investors prepared for the exceptionally close U.S. presidential elections, where both candidates are scrambling for a lead.
"A higher chance of Trump winning means higher-for-longer U.S. rate cycle to commence, which should weaken the rupiah," said Fakhrul Fulvian, an economist at Trimegah Securities.
The Malaysian ringgit MYR and Singapore dollar SGD= were both trading up 0.1%, while the Philippine peso PHP= was largely unchanged.
Manila stocks .PSI gained as much as 0.8% after inflation numbers quickened in October, though keeping within market estimates. The share market was set for its strongest trading session since mid-October.
Philippine economic data gives the central bank more room to maintain its cycle of easing rates after it cut benchmark interest by 25 basis points, for the second time this year, to stand at 6%.
Inflation within the bank's target range would help justify further easing to match cuts by the U.S. Federal Reserve, said Michael Ricafort, an economist at Rizal Commercial Banking Corp in Manila.
Among other stock markets, Singapore's benchmark index .STI dropped 0.1% and that of South Korea .KS11 gave up 0.2%.
The Nov. 5 U.S. elections pit Republican former President Donald Trump and Democratic Vice President Kamala Harris in a close contest, with the victor perhaps not likely to be known for days after polls close.
HIGHLIGHTS
** Thai central bank chairman decision delayed; ex-governors flag independence concerns
** China's services activity picks up as conditions improve, Caixin PMI shows
Asian stocks and currencies as at 0326 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.12 | -7.39 | .N225 | 1.11 | 15.58 |
China | CNY=CFXS | -0.06 | -0.11 | .SSEC | 1.37 | 12.80 |
India | INR=IN | +0.00 | -1.08 | .NSEI | 0.00 | 10.42 |
Indonesia | IDR= | -0.10 | -2.35 | .JKSE | -0.23 | 2.60 |
Malaysia | MYR= | +0.11 | +5.15 | .KLSE | 0.08 | 11.21 |
Philippines | PHP= | +0.02 | -5.14 | .PSI | 0.52 | 11.21 |
S.Korea | KRW=KFTC | -0.27 | -6.54 | .KS11 | -0.20 | -2.69 |
Singapore | SGD= | +0.07 | +0.03 | .STI | -0.13 | 10.09 |
Taiwan | TWD=TP | -0.06 | -3.89 | .TWII | 0.09 | 28.20 |
Thailand | THB=TH | +0.10 | +1.36 | .SETI | 0.77 | 4.12 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Rishav Chatterjee and Adwitiya Srivastava in Bengaluru; Editing by Clarence Fernandez
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