Risk-off mood sends Turkish lira to 5-month low, Chinese stocks slump
* EM stocks fall over 1%, currencies edge lower
* China shares lower as Beijing imposes new COVID curbs
* Turkish lira eases over 1%, down nearly 18% YTD
* Russian rouble up past 57 to dollar for first time in 4 years
By Bansari Mayur Kamdar
May 24 (Reuters) - The Turkish lira hit a five-month low on Tuesday in a broad selloff of emerging market stocks and currencies as glum company earnings deepened worries about global economic growth.
Emerging market stocks .MSCIEF fell 1.2%, in line with global peers, after a profit warning from Snap Inc SNAP.N dampened the relief rally of the last few trading days.
Shares in both China .CSI300 and Hong Kong .HSI were more than 2% lower amid heavy selling by foreign investors on worries that new COVID-19 curbs in Beijing would further slow growth in the world's second-largest economy.
Turkey's lira TRY= slid to beyond 16 against the dollar, bringing its losses for the year to 18%, as investors increasingly questioned the sustainability of economic policies ahead of a monetary policy meeting later this week.
"At the moment, it's almost a one directional bet for the lira, but the risks of more excessive and more extreme central bank adjustments to combat it are increasing as the currency weakens," said Simon Harvey, head of FX Analysis at Monex.
"What we are not seeing is the traditional rising of interest rates. We'll see that again this week when they (the central bank) will likely hold rate at 14%."
South Africa's rand ZAR= slipped 0.1% against the dollar.
The Russian rouble RUBUTSTN=MCX extended its gains against the dollar, strengthening past 57 for the first time in four years, boosted by export-focused companies selling foreign currency to pay taxes.
Investors are focused on the release of global purchasing manager index surveys and comments by policymakers at the World Economic Forum, after some flagged the risk of a worldwide recession at the annual Davos think-fest. For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link
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For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see
Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Aditya Soni
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