EMERGING MARKETS-Asian stocks rattled by China-U.S. worries, coal plunge drags on Indonesia - Reuters

    * Singapore reports record high COVID-19 cases
    * U.S. bans China Telecom's unit, sparking tensions
    * Malaysia's September trade data beats forecast

    By Anushka Trivedi
    Oct 28(Reuters) - Asian stocks fell across the board on Thursday as
investors were unsettled by risks of renewed U.S.-China tension, potentially
adding to existing global supply chain issues, while the Indonesian rupiah hit a
two-week low.
    Stocks of trade-reliant Asian countries like the Philippines, South
Korea and Indonesia shed between 0.3% and 1%. Shanghai equities
 dropped the most, down 1.2%, with the yuan easing 0.1%.    
    Investor focus was squarely on developments in China, which is grappling
with an economic slowdown due to an energy crunch and a crisis in its property
sector, as well as fresh COVID-19 outbreaks.
    News of the U.S. telecoms regulator revoking China Telecom's
authorisation to operate late on Wednesday compounded worries for market
participants only too aware that tensions between the world's two biggest
economies previously threw global trade into a disarray.
    "Focus in the region may revolve around ongoing COVID-19 risks in China,
with infections in Beijing at an eight-month high," said Yeap Jun Rong, a market
strategist at retail trading platform IG.
    The ban on China Telecom also "fuelled concerns that further escalation
could possibly bring back more U.S. scrutiny on Chinese technology players."
    Jakarta shares fell as much as 1.2% to a two-week low, with energy stocks
leading the decline as China coal futures tumbled after Beijing stepped up
measures to control prices. Indonesia is the world's top thermal coal exporter.

    The rupiah fell 0.2% on the same news, having lost 1.3% over the past
10 days since Beijing pledged to intervene in the coal market.  
    The Philippine peso and the Taiwanese dollar also slipped,
while most other currencies traded flat as souring risk sentiment supported the
greenback's safe-haven status in Asia trading.
    The Malaysian ringgit recouped early losses to gain 0.1% after
September trade data beat expectations handily due to a surge in petroleum
products and palm oil exports.
    Meanwhile, Singapore stocks dipped after the city-state reported an
"unusual surge" of 5,324 new infections of COVID-19 - its highest such figure
since the beginning of the pandemic despite 84% of the population being fully
vaccinated.    
    
    HIGHLIGHTS
    
    ** Singapore's 5-year benchmark yield is up 12.7 basis points at 1.4%​​
    ** Indonesian 10-year benchmark yields are up 0.8 basis points at 6.161%
    ** Top losers on the Singapore STI include: Keppel DC REIT,
down 1.3%, and Singapore Telecommunications Ltd, down 1.2%

 Asia stock indexes and currencies                                        
 at  0641 GMT                                                     
 COUNTRY      FX RIC      FX DAILY %  FX YTD %    INDEX   STOCKS    STOCKS
                                                         DAILY %     YTD %
 Japan                         +0.24     -9.07             -0.96      5.01
 China                         -0.10     +2.04             -1.13      1.41
 India                         +0.27     -2.35             -0.78     29.23
 Indonesia                     -0.21     -1.13             -1.13      9.18
 Malaysia                      +0.13     -3.07             -0.72     -3.42
 Philippines                   -0.13     -5.35             -1.00      0.25
 S.Korea                       +0.03     -7.14             -0.53      4.74
 Singapore                     +0.07     -1.96             -0.20     12.94
 Taiwan                        -0.05     +2.31             -0.19     15.67
 Thailand                      +0.30     -9.92              0.09     12.40
 
    
 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)
  

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