Stocks trip, FX sits tight ahead of U.S. inflation data

* China factory activity declines in July

* Hungary forint extends declines, stocks recover

* Czech inflation rises less than expected

* U.S. July inflation data expected at 1230 GMT

By Susan Mathew

Aug 10 (Reuters) - A slide in China stocks on falling factory prices led declines in emerging market stocks on Wednesday, as investors await U.S. inflation data to make bets on the Federal Reserve's tightening path.

Emerging market currencies .MIEM00000CUS bided time against a steady dollar. U.S. headline inflation, the gauge the Fed looks at, is seen declining month-on-month and falling to 8.7% from a year ago, while core inflation is seen rising year-on-year.

But given the figures will still be far above the Fed's target rate of 2%, and given the strong demand in the labour market, analysts do not expect the data to change the Fed's stance.

"While these results point to inflationary pressures easing in the long term, we still expect the Fed to continue to hike rates and remain focused on driving down inflation," said Mark Haefele, chief investment officer at UBS Global Wealth Management.

Investors are increasingly pricing in the possibility of another 75-basis-point hike in September.

Chinese blue-chips .CSI300 slipped more than 1% after a decline in the country's factory-gate inflation raised worries about falling demand as the economy struggles to come out of COVID-19 led hit. In Hong Kong, a 2.8% slip in tech stocks, sent the broader index .HSI 2.0% lower.

Thai shares .SETI and the currency THB= fell after the central bank delivered its first rate hike in nearly four years.

Stocks across Asia lost, with sentiment spilling outside the continent. South African shares .JTOPI dropped 1.3%.

In central and eastern Europe (CEE), oil supply worries pressured assets. Hungary's stock index .BUX recovered 1.2% following a 3% plunge on Tuesday triggered by Ukraine halting Russian oil pipeline flows to parts of central Europe on a payment issue.

Other CEE bourses fell, with Polish .WIG20 and Romanian stocks .BETI down more than 1%.

Among currencies, Hungary's forint EURHUF= extended its slide against the euro, down another 0.8%. The Czech crown EUZCKZ= rose 0.4% thanks to central bank support.

Data showed Czech inflation gained pace in July to 17.5% year-on-year, but was less than the central bank had forecast. This comes after the central bank had held the key interest rate steady at its previous meeting.

Given the increasing downward pressure on the crown, the market is likely to insist on the central bank hiking its key rate further at the end of September, said Antje Praefcke, FX and EM analyst at Commerzbank.

For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see
Reporting by Susan Mathew in Bengaluru; Editing by Shailesh Kuber

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