EMERGING MARKETS-Philippine peso hits Nov 2022 lows, most Asian FX weak

(Updates at 0645 GMT) * Indonesia rupiah hits lowest since May 2 * Most Asian equities in the red * U.S. 10-year yield hits multi-week peak By Archishma Iyer May 29 (Reuters) - Most emerging Asian currencies weakened on Wednesday, with the Philippine peso hitting a 1-1/2-year low, as higher U.S. Treasury yields lifted the dollar, while investors were wary of a key inflation reading that could drive global monetary policy. The peso fell as much as 0.8% to 58.400 per dollar, its lowest since Nov. 8, 2022. The peso has depreciated about 1.5% since the Philippine central bank's last meeting on May 16, when it signalled it could cut interest rates as early as August. The Bangko Sentral ng Pilipinas (BSP) indicated last week that it will intervene in the foreign exchange market if necessary to stem any volatility. "We stay cautious... being wary of upside risks given that any Fed easing may be slow as U.S. data may only gradually cool," Maybank analysts said in a note, adding that the BSP's dovish tilt is also not helping the peso. The Indonesian rupiah fell as much as 0.5%, hitting its weakest since May 2, while the benchmark 10-year Treasury yield inched to a two-week high of 6.943%. Other currencies such as the Singapore dollar, Malaysian ringgit, Taiwan dollar and Thai baht traded between flat and down 0.4%. The U.S. personal consumption expenditures reading - the Federal Reserve's preferred gauge for inflation - will take centre-stage among investors, which is expected to steady on a monthly basis. The data will influence the Fed's interest rate path. Markets are pricing in about a 45% chance of a 25 basis points rate cut in September, as compared with 49.4% a week ago, according to the CME FedWatch tool. The dollar index was at 104.60, above its two-week low, buoyed by a rise in the 10-year U.S. Treasury yield. The benchmark yield hit its highest since May 3. "USD remains supported by a Fed caution to cut rates too early. Nevertheless, we continue to see USD as a sell on rally and think that the other stretched pairs such as USD/KRW or USD/TWD could be worth looking at," Maybank added. Most Asian equities were trading lower as well. Shares in Seoul ended down 1.7%, while markets in Jakarta, Kuala Lumpur, Manila and Bangkok fell between 0.3% and 1.6%. The chip-heavy Taipei benchmark, which had hit multiple record highs in the recent past, took a breather during the day and closed down 0.9%. HIGHLIGHTS: ** KKR-SingTel consortium frontrunner to buy $1 bln stake in data centre provider, sources say ** Vietnam inflation rises in May, nears government limit ** China's GDP could be 18% higher in 15 years with good reforms, IMF says Asia stock indexes and currencies at 0645 GMT Japan +0.01 -10.23 -0.77 15.22 China -0.05 -2.07 0.04 4.57 India -0.18 -0.14 -0.69 4.60 Indonesia -0.48 -4.75 -1.64 -1.90 Malaysia -0.17 -2.34 -0.39 10.64 Philippines -0.70 -5.09 -1.14 -0.36 S.Korea -0.48 -5.64 -1.67 0.83 Singapore +0.01 -2.19 -0.05 2.72 Taiwan -0.38 -4.82 -0.90 20.81 Thailand -0.20 -6.79 -0.32 -4.06 (Reporting by Archishma Iyer in Bengaluru; Editing by Jacqueline Wong and Eileen Soreng)