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White House confirms Trump-Xi meeting next week

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Currencies unchanged, on track for slight weekly loss

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Turkish equities rally after court decision

By Niket Nishant

Oct 24 (Reuters) - Emerging market equities were on

track to register weekly gains on Friday, driven by hopes that

the U.S. would be able to ink a deal with China when Presidents

Donald Trump and Xi Jinping meet next week.

A deal that resolves the standoff between the world's two

largest economies could lift sentiment towards emerging markets,

which are highly sensitive to global risk appetite.

MSCI's emerging markets equities index rose 0.5%,

set to end the week with a nearly 2% gain.

Analysts at BofA Securities acknowledged the lift from trade

hopes, but warned that some investors could use a deal

announcement as an opportunity to take profits.

CURRENCIES FLAT AS DOLLAR FIRMS

Regional currencies were unchanged and

poised to end the week with a slight loss, while the U.S. dollar

edged higher.

Still, fundamentals remain supportive, with many expecting

emerging markets FX to benefit as capital shifts away from the

dollar due to the Federal Reserve's interest rate cuts.

"Our currency strategists expect further dollar weakening.

U.S. economic performance is likely to be less exceptional in

coming quarters," Goldman Sachs analysts said in a note.

The next cues for FX direction will come from Friday's

release of the U.S. consumer price index, the first major data

dispatch following the ongoing federal government shutdown.

RUSSIA SANCTIONS FUEL JITTERS

Fresh sanctions on Russia from the U.S. and the EU continued

to ripple through European currency markets.

Poland's zloty weakened 0.1% against the euro,

while the Czech crown was flat after hitting its

lowest in more than a week.

Beyond sanctions, analysts also flagged growing risks from

fiscal strains and political uncertainty.

"Several nations are struggling with large fiscal deficits.

The market implications of potential fiscal slippage might vary

depending on the sustainability of debt dynamics, the dependence

on external funding and access to EU funds," UniCredit's

Investment Institute wrote in a note.

Political risk will also be in focus over the weekend as

Ivory Coast heads to the polls. President Alassane Ouattara is

seeking a fourth term even as critics say his government is

increasingly intolerant of dissent.

Turkey's main BIST 100 share index rose 3.9% and

touched its highest in three weeks after a court dismissed a

case seeking to oust the main opposition party's leader.

Its dollar bonds also gained, with the 2045 issue up over 1

cent to be bid at 91.49 cents on the dollar.

The case was seen as a test of Turkey's fragile balance

between democracy and autocracy.

RUSSIA RATE DECISION IN FOCUS, ASIA RALLIES

Elsewhere, the Bank of Russia is set to hold its key rate

meeting on Friday, with markets watching for signals on the

central bank's next move.

In Asia, Jakarta's benchmark stock index and South

Korea's Kospi hit all-time peaks. The Shanghai Composite

Index also closed at a 10-year high after Beijing vowed

to focus on technological self-sufficiency.

"China's drive for greater self-sufficiency has been central

in its shift toward higher value-added manufacturing and

exports," said Louise Loo, head of Asia Economics at Oxford

Economics.

"Recent policy signals appear to be aimed at improving

efficiency and technological self-reliance, which should further

consolidate China's competitiveness in high-value

manufacturing."