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EMERGING MARKETS-Asian currencies, stocks weaken on doubts over when Fed will slow rate rises

* S. Korean won falls more than 1% * Philippine's Nov inflation rises 8.0% vs 7.7% in Oct * Stocks in Jakarta top losers By Upasana Singh Dec 6 (Reuters) - Most Asian emerging currencies and stock markets took a beating on Tuesday as strong U.S. services data supported the dollar by raising doubts over how soon the Federal Reserve would begin to opt for smaller hikes in interest rates. Uncertainty over the Fed's intentions overshadowed optimism about China beginning to relax its zero-COVID strategy. South Korea's won and Malaysia's ringgit depreciated 1.3% and 0.3%, respectively. Indonesia's rupiah fell 0.6%. The U.S. dollar index, which measures the currency against six major peers, changed hands at 105.11 in early Asian trading, easing 0.1% after Monday's 0.7% rally, its biggest since Nov. 21. "The major factor for the market would be growing concerns over Fed's rate hikes which has led to some profits-taking on risky assets and rally in the U.S. dollar," said Poon Panichpibool, Markets Strategist at Krung Thai Bank. Panichpibool said Asian currencies could outperform the dollar next year, as the greenback peaks. Thailand's baht dropped 0.7%, while equities in Bangkok shed 0.1%. "The reason that the Thai baht has weakened today could come from some hedging position which may have turn(ed) after the U.S. data was better than expected yesterday," said Kittika Boonsrang, capital markets business research specialist at Kasikornbank. Meanwhile, Philippine annual inflation surged to a 14-year high in November driven mainly by higher food prices, thereby supporting the case for a half-percentage point interest rate hike this month. The country's central bank has raised rates six times this year to meet its inflation target of 2%-4% for the year. Last week, its governor flagged another 25 basis points or 50 basis points hike at the Dec. 15 meeting. The peso depreciated 0.1%, while stocks in Manila gained 1.5%. Bucking the broader trend, Singapore's dollar appreciated 0.2% to be the only bright spot among Asian emerging currencies. Stocks in Asia also remained on the backfoot, with Indonesia's benchmark index retreating 1.1% and leading losses in the region. HIGHLIGHTS: ** China may announce 10 new COVID easing steps on Weds -sources ** New PM Anwar says Malaysia to review plans for 5G network ** Sanurhasta Mitra and Citra Tubindo lead laggards on Indonesia's benchmark index The following table shows rates for Asian currencies against the dollar at 0339 GMT. Asia stock indexes and currencies at 0338 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan -0.10 -15.9 <.N2 0.29 -3.09 3 25> China EC> India -0.38 -9.46 <.NS 0.00 7.76 EI> Indonesi -0.62 -8.42 <.JK -1.13 4.96 a SE> Malaysia -0.25 -4.87 <.KL -0.10 -6.22 SE> Philippi -0.11 -8.96 <.PS 1.54 -8.16 nes I> S.Korea 11> Singapor +0.24 -0.43 <.ST -0.44 4.15 e I> Taiwan -0.29 -9.34 <.TW -0.67 -18.32 II> Thailand -0.71 -4.59 <.SE -0.10 -1.06 TI> (Reporting by Upasana Singh in Bengaluru; Editing by Simon Cameron-Moore)