EMERGING MARKETS-Asian markets soar as dollar weakens and rate cut hopes rise

* South Korean won jumps 1.7% * Malaysian ringgit, Thai baht hit multi-month highs * Taiwan stocks hover at record-high level * Philippines rate decision due at 0700 GMT By Poonam Behura May 16 (Reuters) - Most emerging Asian currencies gained ground against a weakening greenback on Thursday and stocks also rose, buoyed by subdued inflation data and resulting market expectations of at least two Federal Reserve rate cuts this year. The U.S. dollar tumbled to multi-month lows following the release of overnight data revealing that U.S. consumer prices in April had plummeted to their lowest level in three years. The dollar index was last down 0.2%. The data spurred anticipation of a pair of rate cuts by the Federal Reserve, potentially commencing in September. In Asia, the South Korean won spearheaded currency gains, jumping 1.7% to its highest level since April 4. One of the worst regional performers this year, the Thai baht firmed 1% to a two-month high and was on course for its third consecutive session of gains. Malaysia's ringgit jumped to its highest level in more than two months and was last up 0.5%. Taiwan's dollar also advanced 0.6%, touching a 5-week high. The Indonesian rupiah strengthened as much as 0.6% to 15,930 per dollar, hitting its highest level since April 5. In Philippines, the Bangko Sentral ng Pilipinas is slated to meet at 0700 GMT to announce its interest rate decision, with expectations for the overnight borrowing rate to remain unchanged at 6.50%. The peso was trading 0.3% higher. "We think the BSP will hold its policy rate at 6.50% to protect the value of the PHP and contain inflationary pressures," analysts at MUFG said in a client note. "A BSP rate cut is unlikely to materialize this year, with growth still robust, inflation rising (though still within the 2%-4% target), and PHP still under depreciatory pressures." Asian stock markets also got a boost on Thursday from a mild U.S. inflation, with Nomura analysts expecting it to ease emerging market concerns of ‘higher for longer’ rates. Taipei's benchmark index rose 0.8% and lingered at its record-high level. Shares in Jakarta, Bangkok , Seoul and Singapore rose between 0.7% and 1.1%. "Near term, this (U.S. CPI) data release should boost the prospects of tech/AI/chip-related names in Korea, ASEAN stocks that suffered from stronger USD earlier (e.g. Indonesia consumer stocks) and select REITs," Nomura analysts said. Shares of Chinese property developers surged on Thursday as China reportedly considered a nationwide plan for local governments to buy millions of unsold homes from struggling companies, aiming to ease a prolonged property crisis. Hong Kong's Hang Seng Mainland Properties Index rose as much as 6% in morning trading. HIGHLIGHTS: ** New Thai Finance Minister to meet central bank chief on Thursday ** Thai Q1 economic growth likely muted as exports, demand falter ** Japan's economy skids, clouding BOJ's rate hike plans Asia stock indexes and currencies at 0400 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY YTD % % Japan +0.58 -8.38 <.N22 0.81 16.24 5> China +0.04 -1.62 <.SSE 0.48 5.38 C> India +0.05 -0.30 <.NSE 0.44 2.61 I> Indonesia +0.50 -3.45 <.JKS 1.12 -0.17 E> Malaysia +0.53 -1.92 <.KLS 0.40 10.66 E> Philippines +0.29 -3.40 <.PSI 0.34 2.03 > S.Korea +1.66 -4.36 <.KS1 0.71 3.56 1> Singapore +0.20 -1.74 <.STI 0.72 2.24 > Taiwan +0.58 -4.33 <.TWI 0.81 18.90 I> Thailand +0.97 -5.57 <.SET 0.73 -2.50 I> (Reporting by Poonam Behura in Bengaluru; Editing by Lincoln Feast.)