* S.Korean stocks jump 1.2%
* Singapore stocks 1% higher
* Ringgit flat after Thursday's rate decision

By Ayushman Ojha
       May 10 (Reuters) - Most Asian currencies were heading
for weekly declines on Friday, although largely unchanged, while
stocks were higher on optimism about U.S. rate cuts stirred by
fresh signs of a cooling labour market.
    Regional forex markets lost the ground they gained last week
when the dollar weakened from the U.S. Federal Reserve's dovish
shift following softer-than-expected jobs data for April.
    The Philippine peso inched up 0.1%, but was on course
for a weekly decline of 0.3%, having gained nearly 1% last week.
    The South Korean won gained 0.1%, but was on
track for a weekly fall of 0.5% after two weeks of gains.
    The Malaysian ringgit was largely flat this week, as
it pared last week's climb of 0.6%. The central bank kept its
interest rate unchanged on Thursday, saying the ringgit's weak
performance did not reflect economic fundamentals.
    Although the ringgit has stabilised over the past month from
earlier hovering around its 20-year lows, but is still down 3.1%
this year.
    "We reckon that Bank Negara Malaysia likely drew some
comfort from the Malaysian ringgit’s regional outperformance
over the past month, despite external-driven volatility,"
analysts at DBS Bank said, referring to the central bank.
    Among other currencies, the Singapore dollar lost
0.1%, set for its worst week since early April with a fall of
0.3%. It rose 1% in the prior week.
    The Taiwanese dollar was slightly lower on Friday
but was poised for a fourth consecutive weekly fall.
    Stocks in the region were higher after Thursday's data
showed greater than expected U.S. initial claims for state
unemployment benefits for the week ended May 4, reinforcing
prospects for rate cuts after the Fed's dovish tilt last week.
    Traders are now pricing in two rate cuts of 25 basis points
this year versus one before the payrolls data.
    South Korean stocks led the gains in emerging Asian
equities with a jump of 1.2%, while Singapore stocks rose
as much as 1%.
    Stocks in Taiwan gained 0.7%, while Manila shares
 were up 0.9%.
    Malaysian stocks were largely unchanged, while
equities in Thailand inched down 0.2%, bucking the
regional trend.
    Financial markets in Indonesia were closed for a public
holiday. 
    
    HIGHLIGHTS:    
    ** India's 2023/24 fiscal deficit seen slightly better than
projected, source says
    ** Malaysia's March industrial production up 2.4%, below
forecast
    ** Japan's consumer spending extends declines as outlook
weakens
    
    
  Asia                                              
  stock                                        
 indexes                                       
   and                                         
 currenc                                       
 ies at                                        
  0459                                         
   GMT                                         
 COUNTRY  FX RIC        FX    FX  INDE  STOCK  STOCK
                     DAILY   YTD     X      S  S YTD
                         %     %        DAILY      %
                                            %  
 Japan               -0.13  -9.3  <.N2  0.39   14.22
                               9  25>          
 China                       6  EC>          
 India               +0.02  -0.3  <.NS   0.69   1.74
                               3  EI>          
 Indones                 -  -4.0  <.JK      -  -2.53
 ia                            2  SE>          
 Malaysi             +0.04  -3.0  <.KL  -0.04  10.03
 a                             9  SE>          
 Philipp             +0.14  -3.3  <.PS   0.41   1.85
 ines                          4  I>           
 S.Korea                     0  11>          
 Singapo             -0.08  -2.5  <.ST   0.82   1.62
 re                            3  I>           
 Taiwan              -0.01  -5.3  <.TW   0.61  15.36
                               2  II>          
 Thailan             -0.02  -7.0  <.SE  -0.09  -3.37
 d                             0  TI>          
 

    
 (Reporting by Ayushman Ojha in Bengaluru)