Emerging markets: Philippines central bank prepared to hike rates by 50 bps in August as Asian stocks rise on easing recession woes

SINGAPORE, July 8 (Reuters): Asian shares inched up on Friday, tracking Wall Street gains overnight, after positive signals from US central bank officials doused fears of an economic recession, which also supported most currencies in the region.

Indonesian shares rose more than 1% and were set for their second straight weekly rise, while the Indonesian rupiah and Malaysian ringgit edged up 0.1%.