EMERGING MARKETS-Asian FX and stocks hit pause as focus turns to US inflation data

(Updated at 0645 GMT) * Philippine peso near 58-per-dollar level * Taiwan stocks rise 0.6% * BSP expected to hold rates on Thursday - Reuters poll * US April CPI data due on Wednesday By Poonam Behura May 14 (Reuters) - Asian currencies and stocks were little changed on Tuesday under pressure from a steady dollar, as investor focus turned to the much-anticipated U.S. inflation data for further clues on interest rate outlook. Traders remained wary ahead of the upcoming core U.S. inflation data, with consumer prices expected to have risen by 0.3% last month, down from 0.4% in March, according to a Reuters poll. A slowdown in inflationary pressures from March could boost wagers the Federal Reserve will cut rates as soon as July, and could potentially nudge U.S. Treasury yields and the greenback lower. Back in Asia, the Indonesian rupiah slipped 0.3% to 16,130 against the dollar, set for its second consecutive day of losses. The rupiah has dropped about 4.6% this year and is one of the worst-performing currencies in Asia. The Philippine central bank is set to announce its monetary policy decision on Thursday, with expectations leaning towards no change in interest rates. The peso was unchanged at 57.790 per U.S. dollar, hovering close to the 58-per-dollar level it last touched in November 2022. "We think that BSP could start to intervene if USDPHP spikes sharply closer to the 58 or 59 levels," analysts at MUFG wrote, referring to Bangko Sentral ng Pilipinas. In South Korea, the won, considered a "high-beta" currency due to its deep volatility and exposure to the global economy, pared early losses and stood flat at 1369.1 per dollar. DBS analysts expect higher profits for Korean chipmakers due to the AI-driven chip boom to stoke foreign equity inflows and support the won. The regional equity markets traded in flat-to-low ranges, and were largely mixed. Thai, Taiwanese and Indian stocks rose between 0.3% and 0.6%. Shares in Indonesia fell 0.2%, while those in Singapore were flat. In China, weak domestic credit data stoked concerns about slowing growth in the world's second-largest economy, while reports about new U.S. tariffs on its electric vehicles and other strategic sectors further dented confidence. The USD/CNY currency pair rose 0.1% on Tuesday, heading higher for its third straight session. Investors await China's industrial production data and central bank policy decision due this week. HIGHLIGHTS: ** Death toll from floods in Indonesia's West Sumatra rises to 50 ** India regulator plans tighter rules for listing of small businesses, sources say ** Fed to cut rates in September, say nearly two-thirds of economists Asia stock indexes and currencies at 0645 GMT Japan -0.18 -9.85 <.N22 5> 0.46 15.22 China -0.06 -1.93 <.SSE 0.03 5.85 C> India +0.01 -0.37 <.NSE 0.34 2.07 I> Indonesia -0.34 -4.56 <.JKS -0.23 -2.61 E> Malaysia +0.08 -2.82 <.KLS 0.19 10.41 E> Philippines +0.02 -4.17 <.PSI -0.10 2.29 > S.Korea -0.03 -5.89 <.KS1 0.12 2.83 1> Singapore -0.04 -2.56 <.STI 0.01 1.97 > Taiwan +0.00 -5.17 <.TWI 0.61 17.04 I> Thailand +0.18 -6.97 <.SET 0.28 -2.79 I> (Reporting by Poonam Behura in Bengaluru; Editing by Sonali Paul and Mrigank Dhaniwala)