Stocks rise, FX posts slim gains ahead of Fed decision
China stocks rise on upbeat data, rate hopes
Russia's rouble slips against a subdued dollar
Turkish factory activity ekes out growth in January - PMI
Czech manufacturing contraction eases at start of 2023 -PMI
EM stocks rise 1.1%, currencies gain 0.2%
By Bansari Mayur Kamdar
Feb 1 (Reuters) - Emerging market stocks rallied on Wednesday on gains in Chinese equities, while regional currencies edged up against a softer dollar with investors cautious ahead of a much-awaited interest rate decision by the U.S. Federal Reserve.
The MSCI's index for emerging market stocks .MSCIEF rose 1.1% to 0901 GMT, snapping a three-day losing streak.
Stocks in emerging market's largest economy, China, rose nearly 1% after a private sector survey showed factory activity shrank more slowly in January after Beijing lifted its tough COVID curbs late last year.
In India, billionaire Gautam Adani lost his title of Asia's richest person as a rout in his conglomerate's stocks deepened to $82 billion after a short-seller report alleged improper use of offshore tax havens and flagged concerns about high debt.
Indian shares, however, briefly rallied after the government raised the minimum tax rebate limit and stepped up spending in its full-year budget, before erasing gains soon after.
"The initial move was some short covering as no change in the capital gains tax," saidAndrew Holland, chief executive of Avendus Capital Alternate Strategies. "Now quickly back to the Fed."
Currencies in emerging markets .MIEM00000CUS edged 0.2% up against a muted dollar ahead of the Fed decision, with investors pricing in a 25 basis points rise later in the day and betting on an end to the rate hikes soon.
"A push-back against a pivot and rate-cut speculation could hit risk assets and lift the dollar today," said strategists at ING in a note.
The Polish zloty EURPLN= inched up against the euro, after a survey showed the slump in its manufacturing sector continued in January but rates of decline in production and new orders softened.
Hungary's forint EURHUF= gained 0.4% even as data showed its seasonally-adjusted Purchasing Managers' Index dropped to 55 in January from a revised 59.3 in December.
Czech manufacturing shrank at a slower rate in January but output contracted for the eighth straight month, pushing the crown EURCZK= 0.1% down.
The South African rand ZAR= edged up to 17.38 against the dollar, while the Turkish lira TRY= was subdued.
Factory activity in Turkey expanded in January after shrinking for 10 straight months, a survey showed.
The Russian rouble RUBUTSTN=MCX eased to 70.07 against the dollar amid reduced supply of foreign currency by exporters and ahead of three government debt auctions.
Investors were also focused on a rate decision by Brazil later in the day.
For GRAPHIC on emerging market FX performance in 2022, see http://tmsnrt.rs/2egbfVh
For GRAPHIC on MSCI emerging index performance in 2022, see https://tmsnrt.rs/2OusNdX
For TOP NEWS across emerging markets nTOPEMRG
For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB
Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Arun Koyyur
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