EMERGING MARKETS-Asian stocks rally, currencies subdued; Fed meeting in focus

* Indonesia stocks up 1.1% * Thai baht down 0.2% * Bangkok stocks up 0.5% By Echha Jain April 30 (Reuters) - Most Asian emerging market equities rose on Tuesday, while currencies were tepid, as investors awaited a series of economic data due this week and the U.S. Federal Reserve's policy meeting. Indonesian stocks led gains in the region, jumping 1.1%. For the month, however, it is down 0.8% so far, on track to record a second consecutive month of losses. Among currencies, the Thai baht depreciated 0.2% against the greenback while the Indonesian rupiah slipped 0.1%. Markets are awaiting a slew of data this week, including the European inflation and U.S. labour market reports. Investors will also focus on the Fed's two-day meeting ending on Wednesday at which it is expected to stand pat on interest rates but strike a hawkish tone. The Fed "will likely reiterate that they are still seeking “greater confidence” that inflation is falling 'sustainably toward' the 2% target. But in reality, recent inflation data has not provided policymakers with the confidence they are seeking for," Christopher Wong, a currency strategist at OCBC, said. Investors have dialled back expectations for the timing and magnitude of U.S. rate cuts this year after hotter-than-expected inflation reports, with markets pricing in a 57.9% chance of a rate cut in September, CME FedWatch Tool showed. Traders are now pricing in 35 basis points of cuts in 2024, drastically lower than the 150 bps of easing priced at the start of the year. In Asia, official surveys showed China's manufacturing and services activity both expanded at a slower pace in April. The yuan slipped 0.2% while Shanghai stocks rose 0.1%. The Philippine peso gained 0.1% while the Singapore dollar slipped 0.1%. Thai stocks and South Korean equities jumped 0.5% and 0.6%, respectively. HIGHLIGHTS: ** Asia Pacific economies headed for 'soft landing', says IMF ** Indonesia minister says removes import restrictions on some industrial materials ** Heat wave in Southeast Asia closes schools, triggers health alerts Asian stocks and currencies at 0319 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCK DAILY YTD % DAILY S YTD % % % Japan -0.31 -10.0 1.38 14.93 4 China India +0.00 -0.31 0.00 4.20 Indonesia -0.09 -5.35 1.05 -0.58 Malaysia -0.08 -3.75 -0.04 8.76 Philippin +0.12 -3.77 -0.04 4.91 es S.Korea Singapore -0.09 -3.06 0.26 1.55 Taiwan +0.06 -5.54 0.13 14.45 Thailand -0.15 -7.72 0.52 -3.30 (Reporting by Echha Jain in Bengaluru; Editing by Christian Schmollinger)