Emerging Markets-Forex index hits record high, Asian stocks rise as easing Middle East fears cool oil

**Highlights:** - Indonesia's 10-year bond yield `ID10YT=RR` at 7.2922%, lowest since July 21 - Philippines' inflation slowed in July due to a weaker pace of increase in transport costs - The U.S. will do "whatever it takes" to support Japan after yen intervention, Treasury Secretary Bessent said - India's markets regulator unlikely to immediately review new stock closing auction, source says | COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % | | --- | --- | --- | --- | --- | --- | --- | | Japan | `JPY=` | +0.10 | -0.58 | `.N225` | 3.66 | 31.71 | | China | `CNY=CFXS` | +0.05 | +3.56 | `.SSEC` | 1.40 | -2.34 | | India | `INR=IN` | +0.30 | -5.49 | `.NSEI` | -0.15 | -5.93 | | Indonesia | `IDR=` | +0.53 | -6.98 | `.JKSE` | 0.57 | -26.50 | | Malaysia | `MYR=` | -0.10 | -0.81 | `.KLSE` | 0.94 | 4.10 | | Philippines | `PHP=` | +0.48 | -3.10 | `.PSI` | 0.05 | 4.08 | | S.Korea | `KRW=KFTC` | +0.26 | +1.00 | `.KS11` | 3.76 | 56.57 | | Singapore | `SGD=` | +0.08 | +0.36 | `.STI` | -0.58 | 20.09 | | Taiwan | `TWD=TP` | +0.46 | -2.66 | `.TWII` | 2.88 | 54.03 | | Thailand | `THB=TH` | +0.18 | -5.19 | `.SETI` | -0.39 | 27.88 | (Reporting by Nikita Maria Jino in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman) Indonesia's rupiah `IDR=` was among the major gainers in the region, strengthening 0.5% to trade at 17,920 per U.S. dollar. Southeast Asia's largest economy saw its annual economic growth slow below forecasts for the second straight quarter as household and public spending eased. The Philippine peso `PHP=`, South Korea's won `KRW=KFTC` and Taiwan's dollar `TWD=TP` advanced between 0.3% and 0.5%. The Malaysian ringgit `MYR=` and Singapore dollar `SGD=` remained little changed on the day. The Indian rupee `INR=` briefly appreciated past the key 95-mark before paring gains. The Reserve Bank of India left its benchmark repo rate unchanged as expected, with policymakers looking for clearer evidence on whether rising oil prices were fuelling broader inflationary pressures. The currency was last trading at 95.135 a dollar. On the equities front, South Korea's KOSPI `.KS11` extended gains to close up 3.8% as the benchmark picked up positive signals from a rally in U.S. tech stocks overnight, alongside lower oil prices. Index majors SK Hynix `000660.KS` and Samsung Electronics `005930.KS` closed 5.8% and 2.5% higher, respectively. Taiwan's chip-heavy benchmark index `.TWII` followed suit, finishing with gains of 2.9%, with TSMC `2330.TW` booking a 3.7% rise. Shares in Kuala Lumpur `.KLSE` rose as much as 1% before easing slightly. The index hovered near its highest since mid-May and was on track to record a six-session winning streak. Singapore stocks `.STI` underperformed their regional peers to lose 0.6% in their fifth straight day of declines. The FTSE Straits Times index, which surged nearly 9% last month, is more than 130 points away from its record high of 5,713.19 seen on July 29. An emerging market currency gauge surged to an all-time high in Asian trade on Wednesday and regional equities reached multi-week peaks as hopes of easing U.S.-Iran tensions kept oil prices under $80. MSCI's broad index of emerging currencies `.MIEM00000CUS` rose as much as 0.4% to an all-time high, while the EM Asia equities index `.MIMS00000PUS` gained 2.5% to a two-week high. Crude futures rose $1 a barrel following steep declines in the last two sessions, as markets looked for signs of progress in ending the five-month-old U.S.-Iran conflict and potentially restoring traffic through the key Strait of Hormuz. O/R "Lower oil prices are a clear positive for most emerging Asian markets because the region is largely a net energy importer," said Glenn Yin, director of research at ACCM Official. "Cheaper energy eases inflation pressures, supports corporate margins, and reduces pressure on regional central banks, creating a more favourable backdrop for both equities and currencies."

Emerging Markets-Forex index hits record high, Asian stocks rise as easing Middle East fears cool oil

Other market highlights

Currencies strengthen across Asia

South Korea and Taiwan lead regional stock gains

Emerging market currencies and Asian equities rise

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Japan	`JPY=`	+0.10	-0.58	`.N225`	3.66	31.71
China	`CNY=CFXS`	+0.05	+3.56	`.SSEC`	1.40	-2.34
India	`INR=IN`	+0.30	-5.49	`.NSEI`	-0.15	-5.93
Indonesia	`IDR=`	+0.53	-6.98	`.JKSE`	0.57	-26.50
Malaysia	`MYR=`	-0.10	-0.81	`.KLSE`	0.94	4.10
Philippines	`PHP=`	+0.48	-3.10	`.PSI`	0.05	4.08
S.Korea	`KRW=KFTC`	+0.26	+1.00	`.KS11`	3.76	56.57
Singapore	`SGD=`	+0.08	+0.36	`.STI`	-0.58	20.09
Taiwan	`TWD=TP`	+0.46	-2.66	`.TWII`	2.88	54.03
Thailand	`THB=TH`	+0.18	-5.19	`.SETI`	-0.39	27.88