EMERGING MARKETS-Stocks fall on tariff woes, baht near 6-month high

By Sameer Manekar

April 16 (Reuters) - Stock markets in emerging Asia slipped on Wednesday after Nvidia NVDA.O warned of a massive hit from U.S. chip export curbs to China, signalling the imminent damage from an intensifying trade war between the world's top two economies.

Thailand's baht THB=TH climbed to 33.31 per U.S. dollar for the first time since October 21 last year, driven by a soft dollar, gold prices at all-time highs and China's better-than-expected economic growth in the first quarter.

Thailand is a major gold trading hub in the region and its currency is closely linked to the commodity's price.

"The outperformance in the baht should be contributed by surging gold prices," said Poon Panichpibool, a markets strategist with Krung Thai Bank.

Analysts remain cautious about short-term rallies as a correction in gold prices could pressure the baht. An escalation in the U.S.-China trade war and the knock-on effect of a weakening yuan could also dampen Asian currencies.

Panichpibool said the baht remained under depreciation pressures from deteriorating fundamentals such as a soft tourism season, fallout from trade tensions and dividend repatriation by foreign investors.

In China, solid first-quarter growth data did little to boost domestic assets with the onshore yuan CNY=CFXS slipping marginally and stocks .SSEC falling.

China is Southeast Asia's biggest trading partner and an investment source, whose fortunes dictate growth in the region.

Most other regional currencies appreciated against the dollar =USD, though the greenback clung to its mid-July lows touched last week against a basket of its peers.

The Singapore dollar SGD= and Philippine peso PHP= also edged higher. Malaysia's ringgit MYR= moved in a tight range around its one-week high.

An MSCI index of world emerging market currencies .MIEM00000CUS was slightly lower, largely weighed by Latin American currencies that weakened against the dollar overnight. A gauge of those currencies .MILA00000CUS slipped 0.3%.

In equities, an MSCI index of Asian emerging market stocks .MIMS00000PUS fell 1.5% to come off a one-week high it scaled the previous day. A gauge of Southeast Asian stocks .MISU00000PUS also fell slightly.

The tariff volleys between the United States and China have traders fretting about global economic growth, with President Donald Trump's wavering policies adding to the uncertainty for taking long-term positions.

"Choppiness in markets looks to continue as the trade negotiations come underway together with the risk of more U.S. trade restriction announcements," analysts at Maybank said.

Equity benchmarks in Singapore .STI, Thailand .SETI and Indonesia .JKSE drifted within narrow ranges. Stock indexes in Malaysia .KLSE and the Philippines .PSI slipped as much as 0.9%.

HIGHLIGHTS:

Indonesia's 10-year benchmark bond yield ID10YT=RR slips to 6.994%

South Korea, Vietnam pledge cooperation as US tariffs loom

Indonesia to propose $10 billion US energy imports increase in tariff talks