EMERGING MARKETS-Emerging stocks rally as U.S. rate rises seen later

* Tepid Chinese data prompts speculation of more stimulus

* Russia's rouble extends week-long rally

* Optimism on Europe recovery lifts stocks in east of region

By Chris Vellacott

LONDON, April 10 (Reuters) - Emerging equities were headed for a second consecutive weekly gain on Friday on a perception that the United States will not see higher interest rates until late in the year, bolstering the appeal of non-dollar assets.

The MSCI emerging equities index was 0.4 percent higher, following strong trading in Asia that propelled the Asia excluding Japan index 0.6 percent higher.

Tepid Chinese inflation data prompted speculation of more monetary stimulus to prop up slowing economic growth, driving Shanghai shares nearly 2 percent higher to a seven-year high.

But analysts attributed much of the strength to a view spreading among investors that the U.S. Federal Reserve will not start raising interest rates until later in the year than originally expected. Higher U.S. rates and a strong dollar diminish the appeal of emerging assets.

"People think U.S. rates will not be hiked until September and it seems the markets are moving in that direction. We could have a couple of months of relative emerging market strength but I assume U.S. rate hike speculation will take hold again in May or June," said Per Hammarlund, Chief Emerging Markets Strategist at SEB.

Elsewhere, Russia's rouble extended a week-long rally, rising 1.6 percent against the dollar to a four-month high as fears of a prolonged financial crisis eased against a backdrop of a more stable oil market.

Turkey's lira fell 0.3 percent against the dollar following current account data showing a wider than expected deficit for February.

Optimism surrounding Europe's prospects for economic recovery helped lift stocks in Prague, Warsaw and Budapest by around 0.4 percent.

Fund flow data cited by bankers showed the market optimism is becoming entrenched, with emerging market-themed funds attracting more new money from investors.

Data from EPFR showed emerging credit funds gained 0.2 percent of their assets under management in the week to April 8 while local currency bonds added 0.14 percent of their assets.

Emerging equity funds saw a small decline in funds, losing 0.15 percent of assets over the week.

"Weaker than expected U.S. non-farm payrolls and mixed overall U.S. data led to lower U.S. Treasury yields and a weaker U.S. dollar, helping attract flows into emerging markets," Standard Bank analysts said in a note.

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 ) (Editing by Alison Williams)

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