EMERGING MARKETS-S.Korea's won, Indonesian rupiah slip on Taiwan fallout fears

* Most Southeast Asian FX tepid * S.Korea's won weakens for fourth day * Indonesian rupiah down for third day * Malaysia, India shares fall By Sameer Manekar Aug 3 (Reuters) - South Korea's won and Indonesia's rupiah depreciated slightly against the U.S. dollar on Wednesday, while most other Asian currencies were muted as investors eyed the potential fallout from U.S. House Speaker Nancy Pelosi's visit to Taiwan. Bond yields in the region tracked U.S. peers higher, the long and short ends of which ticked up overnight after hawkish comments from some U.S. Federal Reserve officials. Returns on high-yielding notes in the region — India and Indonesia — edged higher to 7.245% and 7.253%, respectively, with Indian yields bouncing back from over two-month lows. Investors in India now await the Reserve Bank of India's (RBI) monetary policy decision later this week, with views on the size of the rate hike widely split between 25 basis points (bps) and 50 bps, according to a Reuters poll. Analysts with Barclays, Citi, and DBS are expecting a 35 basis points (bps) hike, while predictions from 63 economists polled by Reuters ranged from a 25 bps to 50 bps hike. The U.S. Treasury yields, however, slipped on Wednesday after China dialled up measures against Taiwan over Pelosi's visit to the island, which it considers a part of its territory. "In the immediate near term, the downward pressures on Asia rates are likely to remain heavy, even as Asia inflation continues to rise and surprise to the upside, and hike pricings have come down to fairer levels," analysts at DBS Group said in a note. "The growth-inflation trade-off could get even more challenging for Asia central banks if U.S.-China tensions lead to further supply shocks for Asia," they added. South Korea's won weakened for a fourth straight session, declining as much as 0.8% to touch a near two-week low, while the rupiah depreciated 0.2% — its third straight day of losses — on simmering U.S.-China tensions. Among other regional currencies, the Malaysian ringgit , the Thai baht, the Philippine peso, the Singapore dollar and the Taiwanese dollar all drifted within tight ranges. Indonesia, Southeast Asia's biggest economy, likely grew in the June quarter, helped by strong exports and private consumption, a Reuters poll showed. However, a slowdown in China and global recession risks posed significant risks in coming months. Data is set to be released on Friday. Regional equities were broadly higher, advancing up to half a percent, while Malaysia's shares and India's Nifty 50 were down as much as 0.8% and 0.6%, respectively. HIGHLIGHTS: ** U.S. 2-year yields, which reflect rate expectations, at 3.0406% ** India's July trade deficit widened to record high of $31.02 bln ** S.Korea's home prices to fall up to 2.8% with 100 bp rate hike - c.bank report Asia stock indexes and currencies at 0601 GMT COUNTRY FX FX FX INDEX STOCKS STOCKS RIC DAILY % YTD % DAILY % YTD % Japan -0.02 -13.60 0.53 -3.65 China +0.00 -5.85 0.54 -11.99 India -0.04 -5.60 -0.60 -0.64 Indonesia -0.13 -4.42 0.32 6.52 Malaysia -0.04 -6.53 -0.56 -3.31 Philippines +0.02 -8.27 0.44 -10.28 S.Korea -0.46 -9.32 0.73 -17.47 Singapore +0.07 -2.29 0.51 4.22 Taiwan -0.07 -7.80 0.20 -18.89 Thailand +0.12 -7.70 -0.03 -4.15 (Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V)