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EMERGING MARKETS-Asian FX weakens as U.S. Treasury yields jump; stocks mixed

* Baht and rupiah lead losses * India's Jan-March GDP due at 1200 GMT * Indonesian markets closed on Wednesday By Savyata Mishra May 31 (Reuters) - The Thai baht and the Indonesian rupiah led losses for Asian currencies on Tuesday as U.S. Treasury yields jumped and the dollar held firm after hawkish remarks from a U.S. Federal Reserve Governor. Regional stock indexes were mixed. A bounce for both Asian stocks and currencies on Monday that had been driven by Shanghai's imminent reopening, was quick to dissipate on Tuesday after Fed Governor Christopher Waller called for a half percentage point hike in interest rates until inflation is decisively curbed. U.S. Treasury yields rose sharply to a one-week high as trading resumed after a U.S. holiday. Waller's remarks came ahead of Federal Reserve Chairman Jerome Powell’s meeting with the U.S. President Joe Biden later in the day to discuss the state of the economy. "I think it's more broader global themes such as the dollar and U.S. Treasuries that are having an impact on EM Asian markets today rather than anything domestic," said Mitul Kotecha, senior EM Strategist with TD Securities. With the greenback firm, Asian currencies lost ground. The baht declined as much as 0.4%, its sharpest drop since May 18, while the rupiah fell 0.3%. "The BOT (Bank of Thailand) has yet to signal its intent to normalise policy, but we see a rising risk for a hawkish shift," analysts at DBS Bank wrote in a note to clients. In equity markets, Jakarta shares led with a 0.7% gain, followed by Singapore stocks, up 0.4%. Philippine shares, however, dropped 0.4%. Amid a relatively light economic calendar in Asia for the week, investors were in wait-and-see mode. Chinese Purchasing Managers' Index (PMI) figures showed another month of contraction in services and manufacturing activity, though at a reduced pace of decline. Yeap Jun Rong, an analyst at IG, said: "the lacklustre figures may still point to the ongoing dent in economic conditions. The extent of recovery will be looked upon as a gauge of policy success." In India, the focus was on GDP data expected later in the day. India's economy likely grew at its slowest pace in a year in the first quarter due to Omicron-related restrictions and rapid inflation, a Reuters poll last week showed. The rupee was down 0.1% while Indian stocks dropped 0.6%. HIGHLIGHTS: ** Indonesia on Monday said it would grant some of the requests for palm oil export permits following the lifting of a ban a week ago, signalling a calibrated resumption of shipments amid protracted delays ** Singapore dollar slips 0.3%. Top gainers on Singapore benchmark: Venture Corporation, up 2%; Singapore Tech , up 2%; Keppel DC REIT, up 1.5% ** Indonesian 10-year benchmark yields are up 1.9 basis points at 7.084% Asia stock indexes and currencies at 0455 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS YTD DAILY % YTD % DAILY % % Japan -0.34 -10.0 <.N225 -0.23 -5.16 8 > China > India -0.15 -4.28 <.NSEI -0.44 -4.41 > Indonesia -0.26 -2.36 <.JKSE 0.65 7.62 > Malaysia -0.21 -4.78 <.KLSE -0.10 -1.66 > Philippines -0.24 -2.72 -0.43 -4.63 S.Korea > Singapore -0.24 -1.54 0.41 4.12 Taiwan +0.22 -4.78 <.TWII 0.11 -8.73 > Thailand -0.35 -2.31 <.SETI 0.07 -0.18 > (Reporting by Savyata Mishra in Bengaluru; Editing by Edwina Gibbs)