EMERGING MARKETS-Asia FX steady, equities mixed; all eyes on US–Ukraine meeting, Fed symposium

By Roshan Thomas

Aug 18 (Reuters) - Asian currencies were little changed and regional equities traded mixed on Monday as investors braced for a meeting between the United States and Ukraine as well as the Federal Reserve's Jackson Hole symposium later this week.

Malaysia's ringgit MYR= and the Philippines peso PHP= shed 0.3% and 0.2%, respectively, while other currencies in the region were largely subdued.

The dollar index =USD was steady, recovering from last week's decline as traders scaled back bets on a jumbo Fed rate cut next month.

The Kansas City Federal Reserve's Jackson Hole symposium through August 21-23 is the week's main event, in which Chair Jerome Powell is set to outline the Fed's economic outlook and policy framework.

ANZ strategists said Powell is unlikely to be as candid as last year when he made the case for imminent rate cuts.

"Our base case remains that the Fed will cut rates at its September meeting," they said in a note.

Market focus for the day is on the Trump-Zelenskiy meeting as Washington presses Kyiv for a swift peace deal to end the Ukraine war.

Equities in Southeast Asia traded mixed ahead of the meeting, with stock markets in Singapore .STI and Thailand .SETI shedding 0.9% and 0.7%, respectively.

South Korean shares .KS11 dropped 1.5%, dragged down by chip stocks following reports that U.S. President Donald Trump would unveil tariffs on semiconductor imports in the coming weeks. KRW/

India's benchmark index .NSEI jumped more than 1% after the government proposed major GST reforms, helping lift MSCI's emerging markets stocks index .MSCIEF to its highest level since November 2021. The index is up 19% so far this year.

China stocks .SSEC jumped 1.3% to their highest level since 2015 and Taiwan stocks .TWII rose 0.6% to hit a record high, helped by Foxconn, 2317.TW Apple's AAPL.O largest iPhone assembler, rising as much as 1.5%.

Markets in Indonesia were closed for a public holiday, with investors now awaiting the central bank's policy decision later this week.

On Friday, Indonesian President Prabowo Subianto unveiled a $234 billion budget for 2026, projecting a deficit of 2.48% of GDP and vowing to balance the books within three years.

"Concerns of softening domestic conditions and benign inflation levels have been clouding the Indonesian economic outlook, backing more cuts by Bank Indonesia," Maybank analysts said in a note.

HIGHLIGHTS:

** Thai Q2 GDP grows 2.8% y/y, beats forecast

** Bolivia's left in historic defeat as presidential vote set for October runoff