* MSCI EM stocks rise 2.1%, FX muted

* China's Q2 economic growth at three-year low

* Poland's June inflation cools to 2.5% in May

By Utkarsh Hathi and Purvi Agarwal

July 15 (Reuters) - MSCI's index tracking emerging market

stocks rose on Wednesday, boosted by robust gains in Asian

equities as investors returned to chip firms, while currencies

were mixed ahead of more U.S. inflation data.

MSCI's global EM stocks index rose 2.1%, with most

gains driven by tech-heavy Asian bourses. Sentiment for

artificial intelligence-related stocks improved after ASML

, the world's biggest semiconductor equipment

manufacturer, raised its 2026 revenue forecast on robust demand

for its products.

South Korea's KOSPI climbed 6.2%, led by chipmaker SK

Hynix ( SKHY ), which gained 8.8%, while Taiwan's tech-heavy

benchmark advanced 2%.

Chinese stocks fell 0.2% after data showed the

country's economy expanded at its slowest pace in more than

three years.

On the FX front, the MSCI currencies gauge was

little changed, as was the dollar index, which steadied

after logging its biggest fall in nearly two weeks in the

previous session.

Investors awaited more price data from the U.S., after a

softer-than-expected consumer inflation reading on Tuesday

prompted traders to scale back expectations for a Federal

Reserve rate hike later this month.

"The weak print has outweighed the dollar-supportive impact

of renewed geopolitical tensions in the Middle East ... in the

immediate near-term, further dollar consolidation seems likely

amid still long positioning and less urgent Fed tightening

risks," said strategists led by Alvise Marino at UBS.

"However, we still favour buying  dips, as Fed tightening risks

have been reduced but not eliminated, oil prices face upside

risk if Middle East tensions persist and strong U.S. earnings

could restore demand for U.S. assets."

Iran's Islamic Revolutionary Guard Corps threatened to close

"all other export corridors that benefit the U.S. and its

allies," Iranian media reported, after Iran shut the Strait of

Hormuz and the U.S. reimposed a naval blockade of Iranian ports.

Uncertainty over energy disruptions sent oil prices 2%

higher, offsetting some risk-on sentiment.

The South African benchmark dipped 0.2%, tracking a

dip in gold prices, while the rand was flat.

In emerging Europe, markets were mixed, with Polish blue-chip

stocks and Romanian equities up 0.1% and 0.7%,

respectively, while Hungarian shares dipped 0.5%.

Most emerging European currencies declined against the euro,

with the Hungarian forint losing the most ground by

0.6%.

The Polish zloty edged 0.1% lower. Data showed Poland's

annual inflation decelerated to 2.5% in June from 3.1% in May,

reinforcing expectations for monetary easing.

S&P Dow Jones Indices said late on Tuesday it was consulting on

reclassifying Poland to "developed" status from "emerging," a

decision that could come in September 2027.

Markets in Turkey remained closed for a public holiday.

HIGHLIGHTS:

** China new home prices fall at slower pace, but recovery

doubtful

** US Russia sanctions bill eases threat of tariffs on China and

India

** South Africa's financial regulator launches probe into state

asset manager

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