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EMERGING MARKETS-Most Asian currencies ease, record COVID cases weakens S.Korean won

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* Indonesia's Q4 GDP up 5.02% vs Reuters poll of 4.90% * China shares jump up to 2.1%, sharpest gain since May * Won leads losses, set for sharpest drop since Jan 27 By Savyata Mishra Feb 7 (Reuters) - Most Asian currencies eased on Monday as strong U.S. jobs growth data reinforced expectations for Federal Reserve interest rate hikes, while the South Korea's won was further weakened by record COVID-19 cases in the country. The won dropped 0.2%, while its shares lost 0.3%, hurt by concerns over the surge in infections and the risk of quicker U.S. rate hikes. The U.S. economy created more than expected jobs in January, despite disruptions to consumer-facing businesses from a surge in COVID-19 cases, increasing the chance of a larger Federal Reserve interest rate rise at the March policy meeting. The Indonesia rupiah also weakened 0.1%, but held steady at that level as the country's fourth quarter gross domestic product growth accelerated 5%, slightly faster than expected, on the back of high commodity prices and the loosening of anti-virus curbs. The country's 10-year bond yield also rose to its highest since July. Meanwhile, shares across the region were mixed, with China gaining strongly coming out of a week-long Lunar New Year break to rise about 2%, while Philippine stocks dipped about 1%, after rising nearly 3% last week. Singapore Straits Times Index inched 0.3% higher driven by a 5% jump in the country's bourse operator's stock on upbeat results and a Citibank upgrade. However, the Singapore dollar stayed largely flat on the back of rising COVID-19 cases in the country, with daily local cases increasing by three folds from the day before on Saturday. HIGHLIGHTS: ** Indonesian 10-year benchmark yields rise 5.90 basis points to 6.51%​​ ** In the Philippines, top index gainers are Security Bank Corp up 2.7%, Bank of the Philippine Islands up 2%, Converge Information & Communications Technology Solutions Inc up ​1.96% ** Top gainer on the Singapore STI is Singapore Exchange Ltd up 5.1% Asia stock indexes and currencies at 0520 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan -0.13 -0.23 <.N2 -0.8 -5.5 25> China EC> India +0.00 -0.49 <.NS -0.64 0.29 EI> Indonesi -0.15 -1.04 <.JK 0.69 2.98 a SE> Malaysia -0.14 -0.48 <.KL 0.71 -2.17 SE> Philippi -0.14 -0.55 <.PS -1.02 3.62 nes I> S.Korea 11> Singapor -0.01 +0.24 <.ST 0.36 7.03 e I> Taiwan +0.06 -0.44 <.TW 1.12 -1.90 II> Thailand +0.00 +1.34 <.SE 0.07 1.07 TI> (Reporting by Savyata Mishra and Indranil Sarkar in Bengaluru; Editing by Simon Cameron-Moore)

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