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Polish govt says Ukraine bill veto may cost 8 bln zlotys

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EM stocks down 0.2% FX flat

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China industrial profits fall again in July

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Nvidia ( NVDA ) results due after US close

By Pranav Kashyap

Aug 27 (Reuters) - Most central and eastern European

currencies were lower on Wednesday, while equities ticked up as

caution prevailed ahead of Nvidia ( NVDA ) earnings that will shape

near-term risk sentiment globally.

The Hungarian fell for the second straight day

while equities in Budapest were flat, a day after the

central bank left interest rates steady at the European Union's

joint-highest 6.5% level for the eleventh successive month.

Meanwhile, the Polish zloty slipped after gaining

for two straight days as stocks in Warsaw rose 0.3% -

poised to log a three-day winning streak, its longest in nearly

a month.

The Russian rouble ticked up 0.2% ahead of the

release of July's industrial output, retail sales and the

unemployment rate.

On the war front, Ukraine's sovereign dollar bonds fell

further, as there was little to no progress over a peace deal

with Russia and optimism continued to fade.

President Donald Trump was prepared to impose economic sanctions

against Russia if Vladimir Putin failed to agree to a

ceasefire.

"The respective Russia and Ukraine bargaining positions

remain far apart, and the lack of trust and divergent goals mean

any negotiation process will likely be slow and fragile," UBS

analysts said in a note.

The dollar clawed back some ground in a jittery rebound,

pressuring some Asian currencies - but gains hit a ceiling due

to renewed concerns over the Federal Reserve's independence,

following Trump's latest bid to tighten his grip on the central

bank.

"Trump's dismissal of Lisa Cook is not going to have a big

short-term FX impact. The implications may only play out in the

longer run, as the current focus remains more on data,"

Francesco Pesole, FX strategist at ING, said.

The MSCI gauge for equities in emerging markets

fell for the second consecutive session. All eyes were on Nvidia ( NVDA )

as investors awaited its earnings after the U.S. close.

The AI titan has become the heartbeat of the global tech rally,

and data showed options traders are pricing in a $260 billion

swing in its market value.

China's blue-chip CSI300 fell 1.5%, while the

Shanghai Composite Index dropped 1.7% - poised to log

its biggest daily loss in nearly five months.

Data showed China's industrial profits fell for a third

consecutive month in July.

Meanwhile, equities in the Philippines were set to log

their best day in nearly five months ahead of an interest rate

decision on Thursday, where analysts expect a 25 basis points

cut.

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

(Reporting by Pranav Kashyap in Bengaluru)