for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

EMERGING MARKETS-Philippines, China stocks lead Asia declines as global COVID-19 cases surge

    * Graphic: World FX rates tmsnrt.rs/2egbfVh
    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3lKhL5I

    Nov 13 (Reuters) - Stocks in China and the Philippines led
declines across Asia on Friday as surging COVID-19 cases
globally and more lockdowns clouded the region's recovery
prospects.
    In Shanghai and Jakarta stocks fell 0.8% and
0.5%, respectively, as cases spike in the United States and
Europe, with fresh social restrictions coming into effect in
more areas.
    Asia's tourism- and trade-reliant economies have been
showing increasing signs of a recovery as the pandemic has been
largely brought under control in much of the region, with
optimism further boosted by encouraging news on Pfizer's
COVID-19 vaccine trials at the start of the week. 
    "Simply put, the imminence of virus devastation is more
daunting than the promise of the vaccine pipeline," Mizuho Bank
said in a note.
    Currencies in the region also weakened with Indonesia's
rupiah, which has benefited from a surge in bond inflows
lately as optimism rose, down 0.2%. 
    Since the start of last week, the rupiah has climbed 3.1% on
the dollar as Joe Biden's presidential election saw a return of
risk appetite.
    In local economic news, Malaysia's economy shrank less than
expected in the third quarter as business activity resumed.
Stocks pared much of their losses to trade 0.2% lower
while the ringgit remained little changed.
    Malaysia's central bank governor Nor Shamsiah Mohd Yunus
said growth into 2021 will be supported by a pick-up in global
demand and as domestic activity recovers.
    Equities in Kuala Lumpur are set to dip for the week, along
with Singapore and Jakarta. 
    U.S. Federal Reserve Chair Jerome Powell said while the
vaccine development news was welcome, near-term economic risks
remain, while European officials warned that measures to control
the spread were still required.

    HIGHLIGHTS: 
    ** Indonesian 3-year benchmark yields down 4.1 basis points
to 4.918%
    ** Hong Leong Bank Bhd was the top loser in
Malaysia, falling 2.16%; Press Metal Aluminium Holdings
 was the top gainer, up 3.49%
             Asia stock indexes and currencies at 0413 GMT
 COUNTRY      FX          FX        FX       INDEX    STOCKS    STOCKS
              RIC         DAILY %   YTD %             DAILY %   YTD %
 Japan                    +0.19     +3.52             -0.88     6.93
 China                    -0.21     +5.10             -0.75     8.64
 India                    +0.00     -4.38             -0.54     3.72
 Indonesia                -0.21     -2.05             -0.50     -13.78
 Malaysia                 -0.02     -0.97             -0.16     -0.03
 Philippines              +0.35     +4.89             -0.86     -10.89
 S.Korea                  -0.15     +3.57             0.33      13.02
 Singapore                -0.05     -0.41             -0.49     -16.26
 Taiwan                   +1.22     +5.59             0.07      10.29
 Thailand                 -0.13     -1.19             -0.10     -15.50
 
 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Kim
Coghill)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up