EMERGING MARKETS-Philippine shares lead Asia higher, falling U.S. futures chip away at gains

    * FTSE Russel decision on Malaysia bonds due 
    * Vietnam Q1 GDP growth at 4.5% y/y
    * Philippines to reimpose stricter COVID-19 curbs in capital
    * U.S. futures down around 1%

    March 29 (Reuters) - Philippine shares reversed early losses
to rise 1% on Monday, leading Asia's emerging stock markets
whose gains were clipped by U.S. futures falling late into the
trading day. 
    Shares in Taiwan and Thailand held to 1%
gains as investors await details of a proposed U.S. fiscal
spending package that could spur the global economy. In Manila,
shares initially fell 1.7% on stricter COVID-19
restrictions in the capital for this week. 
    U.S. futures, however, were down around 1% late into the
Asian trading hours, keeping a cap on gains in the region. 
    "Risks to equity markets in the context of Friday's block
sales could prove to be a counterbalancing force against
supply-chain disruption in gauging the next steps for global
yields," Stephen Innes, the chief global markets strategist
at Axi, said.  
    He was referring to a series of block trades on Friday in
the U.S. that caused stocks of companies to fall. Japan's Nomura
Holdings Inc and Credit Suisse have flagged a
possible hit to earnings.
    Inflation concerns also remain and the dollar held firm with
10-year Treasury yields still elevated, keeping
pressure on Asia's risk-sensitive and higher-yielding
    The Malaysian ringgit and yields on its benchmark
10-year bonds were flat ahead of the FTSE Russel
decision on whether Malaysian debt will stay in the government
bond index.
    OCBC Bank expects Malaysia to stay in the index and be
removed from the watchlist, which it says will see sentiment for
bonds improve at the margin. A surprise removal could prompt
    In other news, Malaysian exports in February rose a
higher-than-expected 17.6% on shipments of electrical and
electronic goods as well as commodity-based products.

    Vietnam shares rose after data showed the economy
grew 4.5% in the first quarter, supported by robust exports.

    "Vietnam's growth prospects will continue to outshine
regional peers," Mizuho Bank said in a note.
    The southeast Asian nation has been successful in
controlling the spread of COVID-19 through stringent measures,
which have helped it reopen its economy earlier than most other
regional peers. 
    Indian markets were closed for a public holiday.       
    ** Indonesian 10-year benchmark yields are down 0.5 basis
points at 6.744%
    ** DMCI Holdings Inc, SM Prime Holdings Inc
 and JG Summit Holdings Inc led gains in the
  Asia stock indexes and currencies at   0633 GMT
 COUNTRY      FX RIC      FX       FX     INDEX    STOCKS   STOCKS
                          DAILY %  YTD %           DAILY %  YTD %
 Japan                    +0.10    -5.74           0.71     7.07
 China                    -0.21    -0.42           0.34     -1.24
 India                    -        +0.77           -        3.76
 Indonesia                -0.21    -2.77           0.14     3.77
 Malaysia                 +0.01    -2.99           -0.18    -1.77
 Philippines              -0.11    -0.94           0.96     -7.45
 S.Korea                  -0.21    -4.02           -0.16    5.66
 Singapore                -0.16    -1.96           0.63     11.74
 Taiwan                   +0.26    -0.16           1.04     11.83
 Thailand                 -0.38    -3.88           0.95     9.69

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Shailesh Kuber)