EMERGING MARKETS-Asian FX, stocks tumble on bets of more U.S. rate hikes

(.) * Dollar higher after strong U.S. jobs data * Thai baht plummets 1.4% * Philippine peso supported by c.bank intervention * Stocks suffer on higher yields * India c.bank likely sold dollars - sources By Harshita Swaminathan Oct 10 (Reuters) - Most Asian currencies weakened against dollar on Monday, as strong U.S. jobs data raised the chances of further Federal Reserve interest rate hikes, casting a cloud on global growth. Unemployment in September fell further, data from the U.S. showed, which points to a tight labour market, while job growth slowed moderately. "A surprising drop in the unemployment rate and another solid wage growth have boosted market expectations for a fourth 75bp rise at the November 1-2 FOMC (Federal Open Market Committee) meeting," said Gao Qi, a currency strategist at Scotiabank. The Thai baht, which he said was a "high-beta" currency, tumbled 1.4% to trade at 37.9 to the dollar. The Indonesian rupiah fell 0.3%, and the Singapore dollar weakened 0.1%. The greeenback further strengthened after the jobs data, with the dollar index rising 0.5% late on Friday, and adding another 0.1% Monday. The index was last seen at 112.861. However, the Philippine peso held up against the strong dollar, rising 0.1%, supported by the central bank governor's statements late on Friday, when he said the Bangko Sentral ng Pilipinas was active in the forex market and selling strategically. Malaysia's prime minister said the parliament was dissolved, with the dates of a snap election yet to be decided. The ringgit did not trade on account of a public holiday. The prospect of further U.S. rate hikes also sent the country's benchmark yield 6.1 basis points (bps) higher to 3.885% on Friday. Asian yields followed suit, with Indonesia's 10-year bond yield up 4.6 bps at 7.288%, while the Singaporean yield pushing 4.7 bps higher to 3.457%. Meanwhile, all major Asian stock markets traded in the red, with China leading losses, after shedding 1.7%. Markets in the Philippines also tumbled 1.7%, while those in Singapore fell 1.3%. "Returns from safe assets keep rising, making it harder for equities to maintain their attractiveness," analysts at DBS said. Chinese technology stocks fell sharply after U.S. President Joe Biden's administration published a sweeping set of export controls on Friday, including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment. Markets in China reopened after a weeklong holiday, with China's onshore yuan trading about 0.1% higher. Data showed China's services activity shrank in September due to COVID-19 restrictions, the first contraction in four months. The Indian rupee hit a record low of 82.6825 to the dollar before cutting losses after the central bank stepped in and sold dollars, sources told Reuters. The rupee last traded at 82.39 to the dollar. Markets in Malaysia, South Korea and Taiwan did not trade on account of public holidays. Japan's stock market was closed, but the yen traded. HIGHLIGHTS: ** Malaysia on Friday warned of an economic slowdown while unveiling a smaller budget for the upcoming year ** India fuel demand slips to 10-month low in September Asia stock indexes and currencies at 0711 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % DAILY YTD % % % Japan +0.05 -20.78 - -5.82 China +0.08 -10.68 -1.69 -18.31 India -0.08 -9.77 -0.63 -0.86 Indonesia -0.39 -6.92 -0.68 6.04 Philippines +0.07 -13.57 -1.68 -18.11 Singapore -0.13 -5.98 -1.17 -0.47 Thailand -1.33 -11.81 -0.96 -5.61 (Reporting by Harshita Swaminathan, Additional reporting by Jaskiran Singh)