MARCHÉS ÉMERGENTS-Asia FX, les actions trébuchent alors que l’inflation américaine alimente les craintes d’une hausse des taux

    * Singapore Q2 GDP contracts Q/Q
    * Fed Chair Powell's testimony awaited
    * Vietnam stocks slide on pandemic woes

    By Shashwat Awasthi
    July 14 (Reuters) - Singapore stocks shed minor early gains
and most other emerging Asian equities and currencies slipped on
Wednesday after U.S. inflation data stoked fears of
earlier-than-expected policy tightening by the Federal Reserve.
    The U.S. dollar firmed after data overnight showed consumer
prices in the United States increased by the most in 13 years in
June, leading investors to sweat over the prospects of the Fed
scaling back policy support swiftly.
    South Korea's won skidded 0.5% while Indonesia's
rupiah, Malaysia's ringgit and the Philippine peso
 eased 0.2% each.
    Stocks in Jakarta tumbled 0.8% to lead losses in the region.
    "This backdrop of higher for longer U.S inflation and a
faster hiking Fed and strengthening USD is not a good recipe for
emerging Asia," Robert Carnell, regional head of research,
Asia-Pacific at ING said.
    "...With the backdrop turning less supportive, we may have
to deal with a broad-based EM souring in both bond and FX space
as we head into the year-end."
    The Fed has so far called rising inflation "transitory", and
all eyes now turn to Chair Jerome Powell's testimony before
Congress this week for further clues on the bank's stance.
    
    SINGAPORE SUBDUED
    In Singapore, the FTSE Strait Times Index edged lower
after rising as much as 0.3% and the Singapore dollar was
marginally lower.
    Preliminary data showed the city-state's economy grew 14.3%
annually, its fastest pace in just over a decade year-on-year,
but contracted 2% on a quarter-on-quarter seasonally adjusted
basis.
    The annual growth "is not a glamour shot of roaring,
unfettered recovery but rather glimmers of nascent pick-up
extending," Mizuho analysts said in a note, but flagged risks
from COVID-19 variants and the Fed's potential policy change.
    "A bumpy path out of the pandemic may persist for far longer
than is generally expected. A steadier recovery will probably
only emerge in 2022."
    Vietnamese shares, which have slumped more than 7% so
far this month amid a record rise in COVID-19 infections, gave
up early gains and shed another 1.6%.
    
    
    HIGHLIGHTS
    ** Singapore's 10-year benchmark yield is up 2 basis points
at 1.499%.
    ** In the Philippines, top index gainers are Emperador
 up 3.5%, JG Summit Holdings up 2.7%, and SM
Investments up 2%.
    ** In Indonesia, top index losers are Sekar Bumi
down 7%, Bank Sinarmas down 7%, and Solusi Sinergi
Digital down 6.9%.
    
    
      Asia stock indexes and                      
      currencies at 0614 GMT                    
 COUNTRY   FX RIC     FX     FX    INDE  STOCK  STOCK
                    DAILY   YTD %   X      S    S YTD
                      %                  DAILY    %
                                           %    
  Japan             +0.12   -6.55  <.N2  -0.23  4.40
                                   25>          
  China   <CNY=CFX  -0.07   +0.85  <.SS  -0.59  2.08
             S>                    EC>          
  India             -0.10   -2.01  <.NS  0.13   13.24
                                   EI>          
 Indones            -0.19   -3.11  <.JK  -0.84  -0.29
   ia                              SE>          
 Malaysi            -0.19   -4.26  <.KL  -0.20  -6.80
    a                              SE>          
 Philipp            -0.34   -4.44  <.PS  0.59   -4.26
  ines                              I>          
 S.Korea  <KRW=KFT  -0.37   -5.52  <.KS  -0.28  13.53
             C>                    11>          
 Singapo            -0.01   -2.53  <.ST  -0.18  11.16
   re                               I>          
 Taiwan             +0.03   +1.76  <.TW  -0.01  21.13
                                   II>          
 Thailan            +0.00   -8.18  <.SE  -0.47  7.89
    d                              TI>          
 
    
 (Reporting by Shashwat Awasthi; Editing by Shailesh Kuber)