Currencies, stocks fall on Mideast caution; Hong Kong shares ease
Israel strikes heart of Beirut, killing at least six
Ethiopia bondholders reject $1 bln bond rework outline
South Africa business activity accelerates in Sept - PMI
Turkish inflation falls below 50% in Sept but above forecasts
Russian rouble at lowest in a year against yuan
FX down 0.3% at one-week low, stocks off 1%
By Ankika Biswas
Oct 3 (Reuters) -Most emerging market assets dropped on Thursday as investors vigilant of Middle East tensions favoured safe-haven assets while awaiting further clues on the health of the U.S. economy, with Hong Kong shares easing after a blistering rally.
The safe-haven U.S. dollar =USD hit a multi-week high, driven by the worsening geopolitical situation and robust U.S. jobs market data, with the MSCI EM currencies index .MIEM00000CUS dropping 0.3% to a one-week low.
On the geopolitical front, Israel bombed Beirut and killed at least six people after its forces suffered their deadliest day on the Lebanese front in a year of clashes with Iran-backed Hezbollah.
Investors also keenly awaited a slew of U.S. economic data scheduled for the rest of the week, including closely watched non-farm payrolls data on Friday, to determine the Federal Reserve's likely course of upcoming rate cuts.
The MSCI stocks gauge .MSCIEF dropped 1% and was set to give up Wednesday's strong gains as Hong Kong shares succumbed to profit booking after China's stimulus-fuelled rally.
The Hang Seng index .HSI dropped 1.5% after jumping 23% in a six-day winning streak. Chinese markets were closed for public holidays.
Among economic data, an S&P Global survey showed South Africa's private sector saw an uptick in growth in September.
The rand ZAR= recouped earlier losses to strengthen 0.3% against the dollar, while the main stock index .JTOPI dropped more than 1% amid geopolitical concerns.
Turkish annual consumer price inflation dropped to 49.38% in September, falling below the central bank's policy rate for the first time since 2021 but exceeding expectations.
"The smaller-than-expected decline in the headline rate will be a disappointment to policymakers," said Nicholas Farr, emerging Europe economist at Capital Economics.
The data "supports our view that a monetary easing cycle is unlikely to start until 2025 – later than most other analysts have been forecasting," he said.
Turkey's central bank has held its benchmark rate steady at 50% for a sixth straight month, after having hiked by 4,150 basis points since June last year.
A Reuters poll showed the Czech crown EURCZK= is the only central European currency set for steady gains against the euro in 2025, with Hungary's forint EURHUF= and Poland's zloty EURPLN= likely to be stuck near current levels.
The crown hit a two-year low in August but has since rebounded. The forint is at 1-1/2-year lows at the psychological 400 per euro level.
The Russian rouble fell to its lowest level against China's yuan since Oct. 11, 2023 ahead of a Russian finance ministry announcement on next month's sales of foreign currency.
Meanwhile, a group of Ethiopia's international bondholders, known as the ad hoc committee, said it did not support the illustrative terms of a restructuring for the country's $1 billion bond presented in an investors' call earlier this week.
For GRAPHIC on emerging market FX performance in 2024 http://tmsnrt.rs/2egbfVh
For GRAPHIC on MSCI emerging index performance in 2024 https://tmsnrt.rs/2OusNdX
Reporting by Ankika Biswas in Bengaluru; Editing by Jan Harvey
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
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