Aug 10 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Lingering concern over China's slide into deflation and caution ahead of U.S. inflation data will keep markets in check on Thursday, as investors also eye India's interest rate decision, wholesale inflation from Japan and Philippine GDP data. Although Chinese stocks fell for a third day on Wednesday the rest of Asia shrugged off the Chinese deflation figures, and the MSCI Asia ex-Japan index rose 0.5% for its best performance so far this month. Also on the inflation front, the annual rate of Japanese wholesale price inflation is expected to have fallen to 3.5% in July from 4.1% in June. Interest rate markets are pricing in a decent chance of a quarter-point hike, if not this week then certainly by the end of the year.

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Persons: Jamie McGeever, Asia shrugged, Fitch Organizations: Reserve Bank of India, Thomson, Reuters Locations: Japan, Philippine, United States, China, Asia, India, Philippines