*

ADB forecasts Developing Asia growth at 4.9% in 2024

*

March CPI dips in Hungary and Romania, services prices

stay hot

*

South Korea's opposition wins parliamentary vote

*

EM stocks and FX off 0.3% each

By Bansari Mayur Kamdar

April 11 (Reuters) - Most emerging market stocks and

currencies eased on Thursday, tracking overnight losses on Wall

Street, after hotter-than-expected U.S. inflation data squashed

hopes of the Federal Reserve kicking off its rate-cutting cycle

in June.

The MSCI indexes for emerging market currencies

and emerging market stocks shed 0.3%

each by 0838 GMT, ahead of U.S. producer prices data later in

the day after Wednesday's figures showed U.S. inflation rose

more than expected in March.

The European Central Bank's rate decision expected later in

the day was also in focus.

Hungary's forint inched 0.2% higher against the

euro after headline inflation in the Central and Eastern

European country eased as expected to an annual 3.6% in March,

even as prices rose from the previous month and services

inflation stayed hot.

"Here, we have a meeting in two weeks, where we think the

discussion will be between a 50 and 75bp rate cut, with a

preference for a rather larger move due to the inflation profile

and strong HUF at the moment," said Frantisek Taborsky, EMEA

forex & fixed income strategist at ING, in a note.

The country's central bank, which has slashed interest rates

by 975 basis points since last May, warned in its March meeting

minutes that the structure of Hungarian inflation had changed.

Meanwhile, price growth in Romania fell to 6.61% last month

from 7.23% in February, below expectations.

China's yuan touched a five-month low against the dollar

despite the central bank's efforts to steer it higher.

South Africa's rand extended losses by 0.2% against

the greenback ahead of the release of local mining and

manufacturing data, while the Turkish lira was little changed.

The Russian rouble hit its lowest against the

U.S. dollar since late October, also hampered by the Russian

state's significantly lower foreign currency sales this month.

Among stocks, while Hong Kong's Hang Seng snapped its

three-day winning streak, the Shanghai Composite index

closed 0.2% higher, shrugging off weak China consumer data on

strong performances in copper and gold miners.

Broadly, the MSCI's Asia ex-Japan stock index

shed 0.4%, with stocks in Manila,

Singapore, Bangkok and Taipei falling

between 0.1% and 0.9%.

Seoul shares ended slightly higher as foreigners

scooped up chip and auto stocks even though investor doubts over

the government's corporate reform plan persisted after South

Korea's liberal opposition scored a landslide victory in a

parliamentary election.

Markets in India, Indonesia and Malaysia were closed due to

public holidays.

HIGHLIGHTS:

** ADB forecasts Developing Asia growth at 4.9% in 2024

** Thai PM says rate cut would have been right for economy

** Ping An Trust delays repayment, citing China property

market woes

** Uruguay central bank cuts interest rate by 50 bp to 8.50%