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China's Vanke shares, bonds up after reassurance

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Czech January retail sales rise 2.4% annually

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Argentina's central bank cuts interest rate to 80%

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Stocks up 0.9%, FX flat

By Ankika Biswas

March 12 (Reuters) - Emerging market stocks climbed to a

seven-month high on Tuesday, while currencies languished, with

investors awaiting a crucial U.S. inflation report for insights

into the timing for the Federal Reserve's rate cuts this year.

The MSCI emerging market stocks index advanced

0.9% as of 5:30 a.m. ET (0930) GMT, hitting its highest level

since August 2023 and on track for its fifth straight daily

gain.

The currencies index was largely flat, after

touching an over two-month high during the day.

U.S. consumer prices data, due later in the day, and

producer prices on Thursday will help investors gauge the timing

of the first Federal Reserve interest-rate cut, seen in June as

per a Reuters poll. The Fed's March policy decision is due next

week.

"We could be moving towards the point where both the Fed and

ECB are ready to cut rates... an inline or weaker (CPI) print

would reinforce our view of the June cut and be welcomed by the

markets," Mohit Kumar, European economist at Jefferies, said in

a note.

The Russian rouble weakened slightly against

the dollar and was seen trading in a narrow range, while South

Africa's rand climbed slightly ahead of the U.S. data.

Among major developments, Vanke's Hong Kong-listed shares

jumped 10.3%, along with its bonds, after China's No.2

property developer said the impact of a Moody's ratings

downgrade on financing activities was "controllable", though

some analysts remain concerned over its longer-term liquidity.

The Hang Seng Mainland Properties index logged its

strongest one-day gain of 8.0% in six months, while the real

estate sector climbed 5%. The Hang Seng index

advanced to a three-month high, gaining 3.1%.

Egypt's benchmark stock index shed over 1% after

touching a record high on Monday on upbeat sentiment driven by

financing from United Arab Emirates and the International

Monetary Fund.

Meanwhile in Central and East Europe, data showed Czech

adjusted retail sales excluding cars and motorcycles increased

by 2.4% year-on-year in January, while a media report stated

central bank Vice-Governor Eva Zamrazilova said Czech interest

rate cuts of 25 or 50 basis points are acceptable and bigger

cuts should not be considered.

The Czech crown was up 0.2% against the euro.

The Polish zloty has outperformed its CEE peers in 2024,

gaining more than 1% this year, owing to accelerated rate cuts

in the Czech Republic and Hungary.

Argentina's central bank cut its benchmark interest rate to

80% from 100% previously on Monday.

HIGHLIGHTS:

** Haitian PM tenders resignation after Jamaica talks

** Turkey logs $2.556 bln current account deficit in January