EMERGING MARKETS-Most Asian stocks gain on firming Fed rate-cut hopes; FX muted

(.) * Taiwanese shares hit record high * Philippine stocks at highest since May 20 * Taiwan inflation due later in the day By Adwitiya Srivastava June 6 (Reuters) - Most emerging Asian shares rose on Thursday, as hopes of a September interest rate cut by the Federal Reserve firmed after a softer U.S. jobs data, while currencies inched up marginally, led by the Thai baht. Stocks in the Philippines gained as much as 1.1% and were set for best day since May 20, while those in Singapore added 0.5%. Indian equities were last up 0.5%, after posting their best one-day jump in more than three years on Wednesday, as Prime Minister Narendra Modi was set to return for a third term, but heading a government dependent on the support of regional allies for the first time. Meanwhile, the May private payrolls report from the U.S. on Wednesday was the latest data to suggest an easing in the labour market, with market participants now pricing in 49 basis points of cuts from the Fed this year. Investors now await the U.S. non-farm payrolls data on Friday to gain a better understanding of the rate trajectory. In Canada, the central bank for the first time in four years lowered interest rates by 25 basis points, assuaging investor concerns that lower rates elsewhere will soon support stocks. "Within the EM space, especially in the East Asia region, cuts ahead of the Fed generally look less likely at this point as currency weakness can risk feeding into inflationary pressures," analysts at Maybank said in a note. "Therefore, we are not exactly going to be concerned just yet that the Bank of Canada (BOC) factor would feed into regional central banks considering cuts ahead of the Fed, which can in turn feed into currency weakness." Back in Asia, Taiwan stocks jumped more than 2% to touch a record high boosted by chip stocks, primarily Taiwan Semiconductor Manufacturing Co, which soared on Nvidia breaching the $3 trillion valuation mark. The Taiwanese dollar was marginally up by 0.1%, as investors awaited the country's inflation data due later in the day. The central bank governor stated that next week's decision about whether to cut rates would be largely determined by inflation. The Thai baht led gains, advancing 0.3% to highest level since May 23, while the Singapore dollar rose 0.2%. South Korean financial markets were closed on Thursday for a public holiday. HIGHLIGHTS: ** European Central Bank policy meeting due today ** Biden congratulates Modi, discusses US official Sullivan's visit ** BOJ's Ueda reaffirms resolve to trim bond buying as bank eyes exit Asia stock indexes and currencies at 0443 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan +0.21 -9.45 <.N2 0.56 15.67 25> China EC> India -0.11 -0.31 <.NS 0.51 4.62 EI> Indonesi -0.03 -5.47 <.JK 0.08 -4.40 a SE> Malaysia +0.02 -2.24 <.KL 0.20 10.80 SE> Philippi +0.03 -5.61 <.PS 0.83 0.69 nes I> S.Korea 11> Singapor +0.19 -1.99 <.ST 0.47 3.25 e I> Taiwan +0.16 -4.83 <.TW 1.90 22.10 II> Thailand +0.33 -6.27 <.SE -0.27 -5.73 TI> (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Rashmi Aich)