EMERGING MARKETS-Asian equities track Wall Street up but China threat remains

* Investors eye Fed meeting ending on Wednesday * South Korea posts decade-high GDP growth in Q2 * Philippine stocks rebound from Monday's slide By Harish Sridharan July 27 (Reuters) - Emerging Asian equities rose slightly on Tuesday, tracking Wall Street's strong gains overnight, while concerns surrounding tighter Chinese regulation persisted ahead of the U.S. Federal Reserve's two-day policy meeting. Philippine shares stood out as Manila's benchmark index rose 2.4% in its best day since June 2 after shedding more than 3% over the previous two sessions. Shanghai stocks dropped 2.5%, extending their heavy losses into a third session as worries over the impact of stricter government oversight of the private education sector soured sentiment. "Investors in China are unclear on how to cope with the uncertain regulatory environment, which is causing nervousness in the Chinese equity markets," said Sim Moh Siong, a FX strategist at Bank of Singapore. "The question about spillover (from China) is still lurking in the background." 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. Meanwhile, the won firmed 0.4% to be among the best performers in the region, while Seoul stocks advanced after data showed the country's economy expanded at its fastest annual pace in a decade in the second quarter. Malaysia and Singapore equities added 0.1%, while Thai and Indonesian stocks dipped. Asian currencies were quite mixed, with the peso, rupiah and Malaysian ringgit trading flat to 0.1% lower, as 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 gainer was International Container Terminal Services Inc, up 5.78% ** Top gainer on the Singapore STI was SATS Ltd , up 2.03% Asia stock indexes and currencies at 0718 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCK DAILY YTD % X DAILY S YTD % % % Japan +0.23 -6.22 <.N2 0.49 1.92 25> China EC> India -0.07 -1.89 <.NS -0.17 12.98 EI> Indones -0.03 -3.07 <.JK -0.38 1.74 ia SE> Malaysi +0.00 -4.96 <.KL 0.13 -6.93 a SE> Philipp -0.06 -4.63 <.PS 2.35 -8.64 ines I> S.Korea 11> Singapo -0.25 -2.99 <.ST 0.09 10.48 re I> Taiwan +0.09 +1.56 <.TW -0.77 17.22 II> Thailan -0.21 -9.13 <.SE -0.19 6.40 d TI> (Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu Sahu)