EMERGING MARKETS-Asian stocks rise on Fed rate cut bets; Indonesian rupiah up on strong GDP

(.) * Taiwan shares up 1.5% * Rupiah, shares up after Indonesia Q1 GDP beats forecasts * Philippine, Taiwan CPI due on Tuesday By Ayushman Ojha May 6 (Reuters) - Equities in Asia climbed on Monday as the Federal Reserve's dovish tilt and cooler-than-expected jobs data renewed bets of rate cuts later in the year, while the Indonesian rupiah firmed after solid GDP data. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7%. It had jumped 2.2% last week. Trading was thin on Monday as financial markets in Japan, South Korea, and Thailand were closed. Taiwan shares rose as much as 1.5%, while stocks in Indonesia added as much as 0.6% after the Southeast Asian economy grew at its fastest pace in three quarters. "It is unlikely that today's (Indonesia's) GDP data will affect the policy rate outlook, which will continue to be dictated by external conditions," ANZ analysts said. In the Philippines, shares were up as much as 1%. The country's April inflation data is due on Tuesday, where the central bank expects annual inflation between 3.5% and 4.3%. The governor of the central bank said it has leeway to keep policy settings unchanged this month even if the April inflation reading comes in at 4%. "There was some pressure on the Philippines to stabilise the peso but the signal so far is that they are reluctant to hike rates and adapt a wait-and-see attitude," said Moh Siong Sim, an FX strategist at Bank of Singapore. Elsewhere, Singapore stocks rose as much as 0.5%, while Malaysian shares gained 0.4%, touching a fresh two-year high. Regional currencies were mixed after data on Friday showed U.S. job growth slowed more than expected in April, with the Fed signalling it was still leaning towards eventual rate cuts. Markets are now pricing in 45 basis points of cuts this year, with a reduction in November fully priced in. The broad MSCI emerging markets currency index was up 0.2%, after gaining 0.5% last week. The Indonesian rupiah was 0.4% higher, while the Taiwanese dollar gained 0.1%. The yen weakened 0.5%, after its strongest weekly gain in more than 17 months last week on suspected intervention from Japanese authorities to stop a sharp slide in the currency. The offshore yuan eased 0.4% on Monday, after gaining more than 1% last week. It was last down at 7.2182 per dollar. Mainland Chinese markets were closed for three days last week. The Malaysian ringgit was largely flat, while the Philippine peso inched 0.1% lower. Market participants now await Taiwan's April inflation data due on Tuesday and Malaysia's key rate decision on Thursday. HIGHLIGHTS: ** Economic leaders of S.Korea, Japan, China say FX volatility is a risk ** Philippines says won't raise South China Sea tensions, won't use water cannons ** Bank Indonesia confident rupiah will strengthen into year-end, governor says Asia stock indexes and currenc ies at 0726 GMT Japan -0.51 -8.2 <.N2 7 25> - 14.26 China 2 EC> India -0.06 -0.3 <.NS 0.01 3.44 2 EI> Indones +0.37 -3.9 <.JK 0.54 -1.37 ia 0 SE> Malaysi -0.04 -3.1 <.KL 0.45 9.77 a 6 SE> Philipp -0.14 -3.1 <.PS 0.56 3.14 ines 8 I> S.Korea - 9 11> Singapo -0.18 -2.4 <.ST 0.29 1.92 re 2 I> Taiwan +0.08 -5.0 <.TW 0.95 14.46 0 II> Thailan -6.9 <.SE -3.24 d - 5 TI> - (Reporting by Ayushman Ojha in Bengaluru; Editing by Jacqueline Wong and Sonia Cheema)