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Nvidia's ( NVDA ) strong earnings boost EM stocks, calm tech sector

worries

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US efforts to end war in Ukraine monitored by investors

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South Africa's interest rate decision and G20 summit in

focus

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Earnings in full swing in emerging Europe

By Johann M Cherian

Nov 20 (Reuters) - Emerging market stocks rose on

Thursday as part of a global relief rally after Nvidia's ( NVDA ) strong

earnings calmed worries about an overvalued tech sector, while

investors eyed a number of central bank decisions and moves to

end the war in Ukraine.

MSCI's EM stocks index gained 0.9% helped by tech

majors in Taiwan and South Korea as U.S.-listed

AI bellwether Nvidia's ( NVDA ) strong results and forecast

placated worries that a global frenzy over the technology had

grown into a bubble.

Those worries plagued global markets earlier this month and

dragged the MSCI EM index to a one-month low. While

overvaluation concerns persist, they were temporarily offset by

signs that demand for the technology was robust.

Adding to the relief, officials told Reuters that the U.S. might

not levy long-promised semiconductor tariffs soon.

Investors were monitoring fresh efforts by the U.S. to end

the war in Ukraine as Reuters reported that a draft framework

proposed that Kyiv give up territory and some weapons.

Ukrainian bonds were

near two-week highs, adding about 0.7 cents each to build on

gains from the previous session.

"Although we do not have much evidence of progress in the

negotiations, for the markets, it is a signal of a higher

probability that we will move in this direction," said Chris

Turner, global head of markets at ING.

Most currencies were steady, with MSCI's gauge

at a two-week low as the focus shifts to the U.S. September jobs

report that was delayed by the government shutdown and which

will provide vital information to Federal Reserve policymakers

who have been divided on the monetary policy outlook.

South Africa's central bank will deliver its rate decision later

in the day. The rand slipped 0.1% while the yield on the

benchmark bond was steady as investors priced in a

potential 25 basis point interest rate cut to 6.75%.

President Cyril Ramaphosa is expected to give a presidential

address later in the day at the two-day G20 Business summit in

South Africa.

China's yuan was flat after the central bank left its

benchmark lending rates unchanged, as was Egypt's pound

ahead of a local interest rate decision.

Earnings were in full swing in central and eastern Europe.

Shares of Poland's Allegro lost 4% after the company

trimmed its annual volume growth forecast, while insurer PZU

was up 4.4% after reporting a jump in third-quarter

profit.

Czech Colt CZ Group fell 2.6% after lowering its annual

outlook.