(ADVISORY: There will be no emerging market report from London on Friday and Monday as many European and African financial markets are closed for Easter holidays. Reuters will resume coverage of emerging markets on Tuesday.)
By Karin Strohecker
LONDON, April 2 (Reuters) - Emerging market shares hit a one-month high on Thursday thanks to disappointing U.S. data stemming investment flows lured away by dollar assets.
MSCI's emerging equity index rose 0.9 percent, with Russia and Hungary clocking some of the biggest gains after Wednesday's data on U.S. jobs and the pace of manufacturing growth came in short of expectations, weighing on the dollar .
Russian dollar-denominated stocks rose 1.6 percent and their rouble peers added 0.3 percent. The rouble gained more than 1 percent against the dollar, riding the tailwind of a 5 percent jump in oil prices on Wednesday even though crude traded a touch lower early on Thursday.
"For quite a long time, the market was driven by the risk of a (Federal Reserve interest rate) hike, the situation in Russia and Ukraine, the ECB and the oil price move," said Regis Chatellier, EM credit strategist at Societe Generale.
"But now all these things are behind us, the market is looking for the next driver and that's kindling some risk appetite."
Trade was thin in many markets, with India closed for a holiday and many markets in Europe and Africa due to shut on Friday for a long holiday weekend.
In Turkey, stocks added 0.49 percent and the lira strengthened 0.18 percent against the dollar as the government confirmed its 4 percent economic growth target for this year. It also pledged that a 7.5 billion lira ($2.9 billion) package to boost employment, industrial investment and production would have no negative impact on the budget.
Many eastern European stock markets still enjoyed the glow of Wednesday's healthy PMI data, with Hungary shares up 0.70 percent.
The picture looked more mixed for currencies across eastern Europe, where many traded flat to slightly higher.
Meanwhile in Poland, the zloty weakened against the euro after the central bank governor criticised a regulator's proposal to let holders of Swiss franc denominated mortgages convert their debt into local currency at historical exchange rates, saying it would be "fatal" for lenders.
In Nigeria, dollar-denominated sovereign debt and some hard-currency corporate issues traded lower following two days of strong gains after opposition leader Muhammadu Buhari won a largely peaceful presidential poll.
For GRAPHIC on emerging market FX performance 2015, see link.reuters.com/jus35t
For GRAPHIC on MSCI emerging index performance 2015, see link.reuters.com/weh36s
For GRAPHIC on MSCI emerging Europe performance 2015, see link.reuters.com/jun28s
For GRAPHIC on MSCI frontier index performance 2015, see link.reuters.com/zyh97s
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see ) ($1 = 2.5924 liras) (Additional reporting by Sujata Rao; Editing by Raissa Kasolowsky)
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