Tue Oct 14, 2014 6:32am EDT
* Stocks stay steady as Brazil surge outweighs growth caution
* Currencies gyrate as dollar recovers from biggest drop in yr
* Oil price slump put Mid East stocks on course for huge drop
By Marc Jones
LONDON, Oct 14 (Reuters) - Emerging stocks edged down on Tuesday but held above 6-1/2-month lows on the prospect of delayed U.S. rate hikes, while shares and currencies in oil exporters fell as oil prices sank to their lowest in nearly four years.
With the dollar recovering after its biggest drop in a year on Monday, currencies were more mixed though the rouble fell another 1 percent against the dollar as oil prices inched below $88 a barrel, the lowest since December 2010.
MSCI's emerging equity index slipped 0.2 percent, resuming its slide after the previous session's gains. It was still outperforming overall, however, with European stocks down a full 1 percent and MSCI's 45-country world index 0.4 percent lower.
Emerging markets have been suffering as the U.S. Federal Reserve prepares to end years of aggressive stimulus and is heading for its first post-crisis rate rise. But there are some signs the rising dollar and its impact on emerging economies may cause the U.S. central bank to go easier on policy tightening.
Most notably, Fed Vice Chairman Stanley Fischer said over the weekend that moves to tighten policy may be hampered by the recent downturn in the global growth outlook.
"There seems to have been some overplaying of (Federal Reserve policymaker) Stanley Fischer's speech from the weekend but nevertheless we have seen it very rapidly priced into markets," said Peter Attard Montalto an emerging markets economist at Nomura in London.
"With the drop in oil prices there is focus on Turkey and the other big importers, but it hasn't really been reflected in the market pricing because everything is being overridden by the Fed. Monetary policy is still king."
Chinese stocks sagged on the gloomy global outlook but Thai and Turkish shares - both countries are both big oil importers - gained 0.6 and 0.2 percent respectively as crude prices hit near 4-year lows.
On the flip side, oil exporters in the Middle east and elsewhere stayed under pressure. Saudi Arabia's stock market dropped another 2.4 percent as it heads for its worst week since early 2011 and other Gulf markets also fell by 1 percent or more.
Nigerian stocks fell 1 percent to the lowest in almost five months while the naira stayed near seven-month lows.
Greek stocks which are now part of most emerging market indexes, fell 4 percent to one-year lows on fears of snap elections in the country, the first euro zone recipient of a bailout by international lenders.
The rouble was also being squeezed lower, falling 1 percent, while the central bank said it had shifted the boundaries of the currency's trading band by another 10 kopecks. The currency is down almost 20 percent this year.
"The focus of investors' attention is the price of oil and the prospects for a further fall, which is priced into present prices (of the rouble)," Anton Tokmakov, head of conversion operations at Moscow-based Absolut Bank, told clients.
Russian stocks however rose slightly , thanks to relative calm on the Ukraine front which is raising hopes of no further Western sanctions on Moscow.
In contrast, Brazilian stocks < .BVSP > had surged a whopping 4.8 percent on Monday and the real saw its biggest gain against the dollar since June overnight after polls showed economy-focused Aecio Neves had pulled ahead of incumbent Dilma Rousseff in the presidential election race.
Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg
on year
Morgan Stanley Emrg Mkt Indx 989.90 -1.59 -0.16 -1.28
Czech Rep 942.42 -7.33 -0.77 -4.71
Poland 2381.03 -13.19 -0.55 -0.83
Hungary 17633.85 -107.69 -0.61 -5.01
Romania 6940.09 -38.06 -0.55 +6.87
Greece 966.33 -39.22 -3.90 -16.89
Russia 1075.98 -0.60 -0.06 -22.50
South Africa 41947.22 -233.93 -0.55 +1.12
Turkey 74310.32 -805.40 -1.07 +9.60
China 2359.47 -6.53 -0.28 +11.51
India 26404.82 +20.75 +0.08 +24.72
Currencies Latest Prev Local Local
close currency currency
% change % change
in 2014
Czech Rep 27.53 27.51 -0.05 -0.70
Poland 4.20 4.19 -0.26 -1.24
Hungary 306.54 305.70 -0.27 -3.12
Romania 4.41 4.40 -0.21 +1.16
Serbia 119.36 119.27 -0.08 -4.07
Russia 40.78 40.43 -0.87 -19.35
Kazakhstan 181.75 181.81 +0.03 -15.10
Ukraine 12.80 12.80 +0.00 -35.70
South Africa 11.11 11.04 -0.70 -6.00
Kenya 89.25 89.10 -0.17 -3.42
Israel 3.74 3.72 -0.44 -7.32
Turkey 2.28 2.27 -0.59 -6.00
China 6.13 6.13 +0.00 -1.16
India 61.30 61.00 -0.50 +0.82
Brazil 2.39 2.39 +0.05 -1.29
Mexico 13.47 13.44 -0.23 -3.28
Debt Index Strip Spd Chg %Rtn Index
Sov'gn Debt EMBIG 342 -7 0.03 676.71
All data taken from Reuters at 1040 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT.
For GRAPHIC on emerging market FX performance 2014, see link.reuters.com/jus35t
For GRAPHIC on MSCI emerging index performance 2014, see link.reuters.com/weh36s
For GRAPHIC on MSCI emerging Europe performance 2014, see link.reuters.com/jun28s
For GRAPHIC on MSCI frontier index performance 2014, see link.reuters.com/zyh97s
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see ) (Editing by Hugh Lawson)
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