* MSCI emerging markets stocks up 2%, currencies gain 0.2%

* Lower oil prices soothe inflation concerns, but caution

over energy supplies remains

* Emerging Europe equities mixed

* U.S. private jobs, manufacturing PMI data later in the day

By Utkarsh Hathi

Aug 5 (Reuters) - An index tracking emerging-market stocks

climbed to a three-week high on Wednesday and the currencies'

gauge hit a record high, as gains in chipmakers and declining

oil prices boosted the sentiment.

Robust earnings from AI-linked companies pushed Wall

Street's S&P 500 and Dow to close at record highs

overnight, easing demand concerns and renewing appetite for

Asian semiconductor stocks, which have seen wild swings in

recent weeks.

South Korean equities advanced 3.8%, led by gains in

chipmakers Samsung Electronics ( SSNLF ) and SK Hynix ( SKHY )

, while Taiwan's benchmark rose 2.9%.

MSCI's index tracking global emerging markets stocks

rose 2%, while its currencies equivalent

also edged 0.2% higher.

Markets were also supported by easing inflation concerns as oil

prices extended declines, with traders waiting for the outcome

of U.S.-Iran talks. U.S. President Donald Trump said his

administration was having "very good discussions" with Tehran.

Still, investors in the emerging markets remain cautious

about energy supplies resuming and inflationary pressures easing

even if a deal is reached and the Strait of Hormuz is reopened.

"You've seen inflation levels in the region much higher than

normal and that's not going to rectify itself anytime soon,"

said Michael Field, chief equity market strategist for EMEA at

Morningstar.

"I would expect over the next six months to see the IMF

(International Monetary Fund) and other global organizations

downgrade economic outlook forecasts for a lot of emerging

market nations."

Equities in emerging Europe were mixed. Hungary and Romania have

been dealing with concerns about a potential energy crisis as

water levels in the Danube river have reached record-low levels.

The water is used for cooling of nuclear power plants operated

by both the countries.

The Hungarian benchmark slipped 0.8%, while stocks in

Romania rose 0.2%.

Among currencies, Hungary's forint dropped 0.8%

against the euro after a similar sized gain in the previous

session, while the Polish zloty fell 0.2%.

Asian currencies traded flat to higher against the dollar.

South Africa's rand dipped 0.2%. Data showed that private

sector expanded at a slightly lower pace in July. Its equities

gained 0.6%, tracking higher precious metal prices.

The Turkish lira traded 0.1% lower.

Investors will be also looking at the U.S. manufacturing

activity report and private jobs data for July, expected later

in the day, for clues on the Federal Reserve's monetary policy

path.

HIGHLIGHTS:

** China services growth hits slowest since September 2024,

private PMI shows

** Indonesian economic growth slows to 5.3% in Q2, but beats

forecast

** India's central bank holds rates, awaits clearer inflation

signal before acting

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