EMERGING MARKETS-Asian stocks, currencies rise as Biden inches closer to White House

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Philippine shares surge 3% to lead gains in the region * Indonesian economy in first recession in two decades * Singapore shares boosted by banks By Anushka Trivedi Nov 5 (Reuters) - Stocks and currencies in Asia's emerging markets rose on Thursday as Democrat Joe Biden pulled ahead of Republican rival Donald Trump and was within striking distance of clinching a nail-biting U.S. presidential election. The Democratic candidate is widely seen as likely to be less combative on trade policy and in relations with the region's growth engine China, and investors hope that it may clear the way for Asia's stronger recovery from the coronavirus crisis. "Biden is a seasoned politician and will revert the United States to a trajectory of more conventional foreign policies and geopolitical manoeuvring, which is somewhat good for China and emerging economies at large," said Mahesh Sethuraman, country head of global sales trading at Saxo Capital Markets, Singapore. In the short term, however, analysts said a retreat for the dollar was also a major driver for the region's currencies, with the Taiwan's dollar and Indian rupee rising 1.5% and 0.6%, respectively. The Chinese yuan was marginally higher, while the trade-sensitive South Korean won gained around 0.8%. Philippine stocks rallied as much as 3.7%, far outperforming their peers, to hit a more than eight-month high. Jennifer Lomboy, a fixed income fund manager at FirstMetroAsset in Manila, said local investors were encouraged by the upbeat third-quarter corporate results and after inflation in October ticked up. Biden late on Wednesday predicted victory over Trump after pivotal wins in Michigan and Wisconsin, while the Republican incumbent sought to offset a narrowing path to re-election with lawsuits and demands for a recount. Betting sites now lean heavily towards Biden, although investors continue to worry about a long, drawn-out battle which could delay a much-needed fiscal support for the U.S. economy. Most Asian stock markets rose about 1% to 2%, with the Singapore's benchmark gaining 2% after strong quarterly results by the city-state's biggest lenders. Indonesian stocks hit a near two-month high and the rupiah surged 1% despite data showing that Southeast Asia's largest economy fell into a recession in more than two decades. Chances of Bank Indonesia cutting rates by the end of the year are higher as the recent rupiah appreciation allows the central bank to refocus on weak domestic fundamentals, Goldman Sachs analysts wrote. HIGHLIGHTS: ** Indonesian 10-year benchmark yields fall 2.7 basis points to 6.602%. ** Thailand's 10-year government bond yields slide 3 basis points to 1.35%. ** Singapore shares hit a more than two-month high; DBS Group and Oversea-Chinese Banking Corp post better-than-expected results. Asia stock indexes and currencies at 0659 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.11 +4.06 1.73 1.90 China +0.14 +4.78 1.20 8.75 India +0.57 -3.96 1.39 -0.77 Indonesia +1.11 -3.48 2.59 -16.86 Malaysia +0.34 -1.49 1.21 -6.70 Philippines +0.05 +4.83 2.80 -14.98 S.Korea +0.84 +2.50 2.40 9.83 Singapore -0.03 -0.99 2.17 -20.24 Taiwan +1.73 +5.59 0.40 7.68 Thailand +0.32 -3.61 1.57 -21.41 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)