Emerging markets: Storm close down Philippines market; Asian currencies weaken as vaccine rally fades

A woman uses an umbrella as she crosses a bridge under heavy rains brought by typhoon Vamco in Navotas City, Philippines on Thursday. Nov. 12, 2020. A typhoon swelled rivers and flooded low-lying areas as it passed over the storm-battered northeast Philippines, where rescuers were deployed early Thursday to help people flee the rising waters. - AP

SINGAPORE, Nov 12 (Reuters): Most of emerging Asian currencies and stock markets settled back in cautious trade on Thursday after the initial burst of optimism over headway in a coronavirus vaccine trial.

Thai stocks led losses with a 1% drop, followed by Indonesia and Singapore, giving up some gains from a rally earlier this week that was powered by positive coronavirus vaccine news from US drug maker Pfizer Inc .