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Emerging markets: Philippine shares slide on surging cases; China and India drop over 1%

People wearing masks for protection against the coronavirus disease (Covid-19) pass a mural dedicated to healthcare workers, in Pasig City, Metro Manila. - Reuters SINGAPORE, March 15 (Reuters): Philippine shares fell sharply on Monday, as rising Covid-19 cases prompted new local restrictions, while the latest rise in US bond yields quelled appetite for the region s other emerging markets. Stocks in India and China fell more than 1%, while in South-East Asia, Singapore and Malaysia eked out gains as the $1,400 direct payments from the $1.9 trillion U.S. package make their way to households. Yields on US 10-year Treasuries hit 13-month highs above 1.64% on Friday, sapping appetite for Asia s high-yielding bonds, and the currencies that back them, as well as for frothy equity valuations.

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