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EMERGING MARKETS-Asian FX, stocks under pressure from virus surge; Taiwan shares shed 2%

    * Graphic: World FX rates tmsnrt.rs/2RBWI5E
    * Economists predict Indonesia Q1 GDP at -0.74%
    * Singapore stocks extend losses
    * India cases cross 20 mln mark, shares fall
    * China, Thailand financial markets closed

    By Anushka Trivedi
    May 4 (Reuters) - Taiwan shares slumped 2%, guided by falls
in tech stocks on Wall Street overnight, and led losses among
Asian equities on Tuesday as the region continued to reel from
rapidly climbing COVID-19 cases.
    A raft of manufacturing data in emerging Asia this week
pointed to a slower pace of economic recovery, with investors
further worried by the modest vaccination rate in the face of an
explosion in coronavirus cases and a creaky healthcare system. 
    In a divergence from world's developed markets which are
faring better than Asia as their economies slowly reopen, Asian
equities in South Korea, Philippine and Indonesia
 eased between 0.2% to 0.3%.
    Holidays in major financial markets of China and Japan
dampened investor activity generally. 
    "Sentiment across Asia remains subdued as new COVID-19 waves
are hitting India and some Southeast Asian countries,
threatening millions of lives and an economic recovery in the
region," said DailyFX strategist Margaret Yang.
    "New COVID-19 strains appear to be more contagious and
deadly, rendering developing countries more vulnerable due to a
lack of vaccines and healthcare resources."     
    India's official tally of coronavirus infections surged past
20 million and its shares fell 0.3%.     
    Taiwan's bourse saw its worst day in over
eight-months as it tracked an overnight drop in U.S. tech
stocks, compounded by fears over a recent uptick in domestic
COVID-19 infections linked to China Airlines.

    Singapore shares extended losses, while the local
dollar eased 0.3% after the latest COVID-19 cluster over
the weekend sparked concern.    
    Meanwhile, the Indonesian rupiah edged up 0.2% a day
before first-quarter gross domestic product (GDP) data was due.
Southeast Asia's largest economy is expected to have contraction
0.74% for the period.
    Thailand's financial markets were shut due to a holiday.  
    
    HIGHLIGHTS
    
    ** Indonesian 10-year benchmark yields are up
0.3 basis points at 6.484%
    ** S. Korean won recovers slightly from previous
session's 1% drop
    ** Top losers on the Singapore STI include:
Capitaland Ltd down 2.5% and Jardine Matheson Holdings
Ltd down 1.2%
    
 Asia stock indexes and currencies at 0428 GMT                              
 COUNTRY      FX RIC        FX DAILY  FX YTD %      INDEX   STOCKS    STOCKS
                                   %                       DAILY %     YTD %
 Japan                         -0.18     -5.51                0.00      4.99
 India                          0.00     -1.15               -0.01      4.66
 Indonesia                     +0.20     -2.61               -0.33     -0.77
 Malaysia                      -0.17     -2.19                0.37     -1.88
 Philippines                   -0.11     -0.09               -0.15    -10.93
 S.Korea                       +0.29     -3.08               -0.24      8.56
 Singapore                     -0.19     -0.82               -0.18     11.79
 Taiwan                        +0.20     +2.01               -1.82     14.77
 
    

 (Reporting by Anushka Trivedi in Bengaluru; Editing by Simon
Cameron-Moore)
  
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