EMERGING MARKETS-Asian FX fall on growth fears, ringgit slumps

* Indonesian yields rise, rupiah down * Malaysian ringgit down 0.5% after parliament dissolved * Asia yields continue rising * Stocks mixed By Harshita Swaminathan Oct 11 (Reuters) - Most Asian currencies weakened on Tuesday, with the Indonesian rupiah hit by recession concerns while the Malaysian ringgit slumped to a new 24-year low after the parliament was dissolved for snap elections. Investors fear the ongoing monetary tightening cycle in the United States and other major economies, the fastest pace of tightening in several decades, may end up tipping the global economy into a recession. Bond yields rose for the fourth straight session in Indonesia, with yields last seen at 7.296%. The rupiah lost 0.3%. Malaysia's ringgit dropped as much as 0.5% to trade at 4.670 to the dollar, its lowest since January 1998. Stocks in Malaysia also dropped as much as 1.6% to their weakest since May 2020. The country's prime minister Ismail Sabri Yaakob announced on Monday the dissolution of parliament, paving the way for an early election to be held, aiming to win a stronger public mandate. "A strong mandate would be helpful, but the MYR will ultimately depend on the priorities of the new government," said Wei-Liang Chang, an FX and credit strategist at DBS. "Markets will want to see increased fiscal consolidation, more pro-growth policies, on top of a greater openness to trade and investment." The election is to be held within 60 days of dissolution of parliament. Analysts at Maybank said this period would likely see the currency remaining under pressure, not helped in the least by buoyant U.S. Treasury yields and the global growth slowdown. The South Korean won traded about 1.8% lower at 1,437.3 to the dollar, while the country's main stock index trended 2.2% lower. Korean markets returned from a holiday on Monday and were catching up on the day's sell-off. Broader sentiment across the region was also negative, with the Thai baht and Singapore dollar weakening 0.5% and 0.2%, respectively, bogged down by persistent concerns over global growth and fears of a recession. The Philippines' trade deficit for August came in at a record $6 billion, with imports rising 26%, compared with an ING estimate of 22%. The peso, however, was broadly unchanged. Markets also await U.S. inflation data due late on Thursday. Analysts expect headline inflation to have pulled back slightly in September. China's yuan fell 0.5% against the dollar amid U.S. restrictions aimed at stifling China's semiconductor industry and repeated COVID-19 restrictions clouding the outlook for its economic growth. U.S. stocks fell on Monday, with the negative sentiment broadly tied to chipmaker stocks and global growth worries. "Smaller falls in the U.S. equity market yesterday suggest the selling momentum may be running out of steam again," analysts at ING said. Stock markets in Asia were mixed, with major stock indices in the Philippines and China rising 1% and 0.4%, respectively, while those in Taiwan and Thailand fell 3.9% and 0.4%, respectively. HIGHLIGHTS: ** Indonesia retail sales in August rise 4.9% Asia stock indexes and currencies at 0354 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % DAILY YTD % % % Japan -0.02 -21.02 -2.36 -8.05 China -0.51 -11.62 0.40 -17.96 India -0.08 -9.77 0.09 -0.56 Indonesia -0.36 -7.26 -0.05 6.22 Malaysia -0.47 -10.84 -1.33 -11.50 Philippines +0.02 -13.56 1.00 -17.30 S.Korea -1.56 -17.15 -2.16 -26.63 Singapore -0.19 -6.33 -0.03 -0.55 Taiwan -0.68 -13.16 -3.91 -27.73 Thailand -0.52 -12.45 -0.40 -5.63 (Reporting by Harshita Swaminathan, Additional reporting by Jaskiran Singh; Editing by Jacqueline Wong)