EMERGING MARKETS-Indonesia stocks surge ahead of GDP, broader region mostly muted

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* Philippines sees inflation ease * Rupiah retreats from six-week highs * Thailand reports record daily virus infections By Soumyajit Saha Aug 5 (Reuters) - Indonesia stocks outperformed their regional peers on Thursday to hit an over four-month high ahead of widely watched growth figures, while other markets were mostly subdued as participants gauged the impact of rising regional coronavirus cases and awaited the Bank of England's rate decision. Jakarta stocks rose 0.6% to their highest since March 29, ahead of Southeast Asia's largest economy reporting what is being widely expected as a return to GDP growth after fourth straight quarters of downturns, according to a Reuters poll. The country has also seen a steady decline in virus cases over the past few days, but still accounts for one in every five virus-led deaths reported worldwide each day. "Given the more recent challenges posed by the pandemic resurgence and restriction orders, however, any growth momentum that is exhibited by the Q2 (GDP) print is unlikely to permeate into Q3," Singapore-based Oversea-Chinese Banking Corp (OCBC) said in a note to clients. The rupiah, meanwhile, retreated slightly from over six-week highs hit earlier in the week, but was on track for its worst session in nearly three weeks. Markets in the broader region were "likely to tread a more cautious path today, awaiting the BOE policy decision", and "any split opinions on hawkish intentions, especially of the taper inclination, would be closely monitored," the OCBC note added. Economists polled by Reuters expect the BoE will keep its benchmark interest rate at its all-time low of 0.1% and leave its bond-buying programme on course. Meanwhile, the region continues to report almost 15% of all global cases each day, according to a Reuters analysis, with Thailand on Thursday reporting a record 20,920 fresh coronavirus cases. Thai stocks fell as much as 0.2% in early trade, while Philippine shares slid as much as 0.6%. Philippines on Thursday reported inflation easing to a seven-month low, with the central bank saying prices may ease further after strict COVID-19 curbs are re-imposed, giving more room for interest rates to stay at a record low. HIGHLIGHTS **Singapore's 10-year benchmark yield up 2.3 basis points at 1.33% **Indonesian 10-year benchmark yields up 0.7 basis points at 6.262% Asia stock indexes and currencies at 0314 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD % DAILY YTD % % % Japan -0.16 -5.85 0.34 0.85 China +0.03 +0.99 -0.08 0.04 India +0.00 -1.51 0.00 16.29 Indonesia -0.17 -2.06 0.58 3.60 Malaysia +0.05 -4.69 0.23 -8.14 Philippines -0.08 -3.59 -0.10 -7.86 S.Korea +0.15 -4.88 -0.13 14.01 Singapore +0.01 -2.20 -0.17 11.73 Taiwan +0.28 +2.62 0.07 19.71 Thailand +0.00 -9.54 -0.14 6.51 (Reporting by Soumyajit Saha in Bengaluru; Editing by Kim Coghill)

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