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EMERGING MARKETS-Asian stocks rise on U.S. spending plan, regional factory recovery

    * Taiwan, S.Korea stocks climb 0.9% each; Thailand up 0.7%
    * Indonesia's rupiah falls as much as 0.5%
    * Singapore Exchange explores joining SPAC party 

    April 1 (Reuters) - Asia's emerging stock markets climbed on
Thursday, supported by surveys showing higher production across
factories in the populous continent last month, and the fillip
given to Wall Street by the U.S. government's $2 trillion spending
plan.
    Stock markets in Taiwan, South Korea, and
Thailand climbed more than 0.6% each, while gains across
the rest of the region were capped at less than half a percent.
    "With much of Asia Pacific on holiday on Friday, activity is
somewhat muted," Jeffrey Halley, a senior market analyst for Asia
Pacific at OANDA said. 
    The U.S. plan, outlined by President Joe Biden on Wednesday,
follows the recent $1.9 trillion pandemic relief package, and if
passed, would add further fuel to economic recovery. 
    Uncertainty over the plan, however, kept elevated U.S. 10-year
bond yields from pushing much higher and the dollar
remained supported by the U.S. growth outlook. That weighed on
Asia's emerging currencies, which were trading flat to slightly
lower.
    The pressure on the region's risk-sensitive currency and bond
markets is unlikely to abate, as the U.S. economy looks set to
outpace the global recovery with aggressive coronavirus
vaccination campaigns and cheap money likely to be remain
available for some time.
    A poll by Reuters found that battered emerging markets
currencies will only pare some of their recent steep losses over
the coming year, with those analysts adding that the sell-off was
likely in the next three months.
    The rupiah, one of the highest yielders in emerging
markets, lost as much as 0.5% before recovering slightly as
trading went on. Stocks were flat in late trade.
    Indonesia raised 15.02 trillion rupiah from an additional
bonds auction on Wednesday. Recent auctions have been weak due to
higher U.S. yields driving capital away from emerging markets.

    "The amount of the latest conventional bonds sold was still
below target. If there is no turnaround in bond market sentiment
over the next few weeks, the government probably needs to embrace
the higher funding costs," OCBC bank analysts said. 
    Surveys showing Asia's factories stepped up production in
March also supported sentiment.
    Markets in the Philippines were closed. Most markets across
Asia will be shut on Friday.     
    
    HIGHLIGHTS: 
    ** Indonesian 10-year benchmark yields fell 3.40 basis points
to 6.78%
    ** Top Glove Corp Bhd and Supermax Corp Bhd
 led gains in Malaysia
    ** Singapore Exchange explores joining SPAC party but with
restrictions
    ** Singapore central bank seen on hold on growth risks from
COVID-19 - Reuters Poll      
  Asia stock indexes and currencies at 0637 GMT
 COUNTRY      FX RIC      FX       FX     INDEX    STOCKS   STOCKS
                          DAILY %  YTD %           DAILY %  YTD %
 Japan                    -0.06    -6.80           0.72     7.09
 China                    -0.32    -0.68           0.48     -0.42
 India                    +0.00    -0.05           0.19     5.27
 Indonesia                -0.21    -3.51           0.03     0.14
 Malaysia                 +0.00    -3.02           0.35     -2.96
 Philippines              -        -1.13           -        -9.76
 S.Korea                  -0.01    -4.04           0.85     7.45
 Singapore                -0.16    -1.92           0.29     11.62
 Taiwan                   +0.02    -0.15           0.85     12.48
 Thailand                 -0.13    -4.25           0.69     10.27
 

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Simon
Cameron-Moore and Sherry Jacob-Phillips)
  
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