EMERGING MARKETS-Philippine, Indonesian lead losses on looming rate hike fears

* Thai consumer confidence up for 5th straight month * U.S. dollar strength keeps most Asian FX subdued * China's COVID-19 cases continue to rise By Navya Mittal Nov 10 (Reuters) - Shares in the Philippines and Indonesia sank more than 1% on Thursday, as strong domestic economic data all but cemented the chances of steep rate hikes, and amid broader weakness ahead of U.S. inflation data. Stocks in Manila and Jakarta lost 1.2% and 1.4%, respectively. The peso was flat and the rupiah was a tad weaker though, as the U.S. dollar firmed ahead of inflation data from the world's largest economy that could inform the Federal Reserve's policy path ahead. Shares in South Korea and India fell 0.7% each as broader sentiment remained subdued. The Philippines' economy grew at a faster-than-expected rate, but the government said the recovery was not without risks given rising rates and soaring inflation that could crimp consumer spending. Still, the growth figures give the country's central bank more room to manoeuvre as it looks to match the Fed's pace of policy tightening. "Inflation will take longer to return to the official target range. Against this backdrop, we believe that the monetary tightening cycle may need to be deeper than we currently anticipate," analysts at ANZ said in a note. A similar theme played out in Indonesia earlier this week after its economy expanded at its fastest pace in more than a year in the third quarter and Citi analysts said Bank Indonesia was unlikely to slow its pace of rate hikes. In broader Asia, the Malaysian ringgit slipped 0.2% and the South Korean won dropped 0.7%. "Unprecedented synchronicity in global monetary policy tightening is creating negative spillovers ... exchange rates have weakened, and a slowing China casts a long shadow on the region's economic prospects," Barclays analysts wrote. China's yuan slipped for the fourth straight session and stocks eased for the third consecutive day as the country continued to grapple with a surge in COVID-19 cases. Thailand's equities and baht fared better than their peers, inching higher as data showed the nation's consumer confidence rose for the fifth straight month. HIGHLIGHTS: ** Top index losers in Philippines are SM Investments Corp , down nearly 4%, and Universal Robina Corp down 3% ** Top losers on the Jakarta stock index include Alfa Energi Investama Tbk PT and Sunter Lakeside Hotel Tbk PT , down nearly 7% each ** Indonesian 3-year benchmark yields are down 2.6 basis points at 6.943% Asia stock indexes and currencies at 0607 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY YTD % % Japan +0.19 -21.26 -0.98 -4.67 China -0.09 -12.35 -0.68 -16.82 India -0.31 -9.01 -0.67 3.92 Indonesia -0.24 -9.21 -1.40 5.92 Malaysia -0.19 -11.35 0.33 -7.44 Philippin +0.02 -12.12 -1.15 -13.38 es S.Korea -0.71 -13.51 -0.74 -19.18 Singapore +0.14 -3.68 0.33 1.68 Taiwan +0.29 -12.96 -0.99 -25.88 Thailand +0.19 -9.32 0.03 -2.09 (Reporting by Navya Mittal; Editing by Savio D'Souza)