EMERGING MARKETS-Asia stocks track Wall Street up, await Fed outcome

* Strong session on Wall Street aids sentiment in Southeast Asia * South Korea posts decade high GDP growth in Q2 * Philippine stocks rise 1.7%, rebounding from Monday's slide By Harish Sridharan July 27 (Reuters) - Emerging Asian equities and currencies mostly gained on Tuesday, as risk appetite improved following a strong Wall Street session, while global investors awaited the outcome of the U.S. Federal Reserve's two-day policy meeting. Stocks in Manila rose 1.7%, recovering from its worst session since mid-March the day before, while markets in Kuala Lumpur and Singapore rose 0.2% and 0.5%, respectively. Major U.S. stock indexes eked out record closing highs for a second straight session, finding some stability after days of turbulence, as investors were optimistic ahead of earnings from heavyweight technology and internet names this week. "Asia stocks look set for a steady start," Yeap Jun Rong, Market Strategist at IG, said in a note. "This comes amid jitters yesterday over the further regulatory clampdown from China authorities for its domestic firms, with investors attempting to shift their focus towards upcoming U.S. corporate earnings to support market movement." Shares in China steadied after the sell-off on Monday, trading marginally higher at 0.1%. Meanwhile, the South Korean won firmed 0.4% and was among the best performers in the region, while stocks in the country gained as much as 0.9%. South Korea's economy expanded at the fastest annual pace in a decade in the second quarter, boosted by a pick-up in private consumption, though a resurgence of COVID-19 cases cast doubt over the outlook for growth for the rest of the year. On economic growth in South Korea, analysts at Mizuho said: "As resilient as the recovery is, the recovery path will remain rather bumpy, fraught with disruption from Delta and growing U.S.-China uncertainties." Most Asian currencies saw marginal gains, with the peso , the Taiwan dollar and the Malaysian ringgit trading 0.1% to 0.2% higher. Despite gains in markets across Southeast Asia on the day, the near-term economic outlook for several countries remained cloudy due to surging coronavirus cases. Thailand on Monday reported record high COVID-19 infections for a second consecutive day, while neighbouring Malaysia also remains under a stringent lockdown. The focus is now on the U.S Federal Reserve's policy meeting, which culminates on Wednesday, as investors look for clues on the central bank's stance on monetary policy and the timeline to pare back stimulus. Highlights ** Indonesian 10-year benchmark yields up 1.5 basis points at 6.33% ** In the Philippines, top index gainers was SM Prime Holdings Inc, up 4.14% ** Won marks biggest intra-day jump since July 15 Asia stock indexes and currencies at 0444 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCK DAILY YTD % X DAILY S YTD % % % Japan +0.10 -6.34 <.N2 0.57 2.00 25> China EC> India +0.07 -1.74 <.NS 0.28 13.50 EI> Indones -0.03 -3.07 <.JK -0.01 2.12 ia SE> Malaysi +0.06 -4.91 <.KL 0.16 -6.90 a SE> Philipp +0.06 -4.51 <.PS 1.68 -9.25 ines I> S.Korea 11> Singapo +0.03 -2.72 <.ST 0.50 10.93 re I> Taiwan +0.18 +1.65 <.TW -0.69 17.31 II> Thailan +0.05 -8.89 <.SE -0.23 6.36 d TI> (Reporting by Harish Sridharan in Bengaluru; Editing by Jacqueline Wong)