EMERGING MARKETS-FX subdued, stocks mixed as investors weigh US trade decisions

By Ragini Mathur and Purvi Agarwal

July 16 (Reuters) - Most emerging market currencies were subdued on Wednesday while stocks were mixed as investors assessed trade developments out of the United States heading into the August 1 tariff deadline.

On Tuesday, U.S. President Donald Trump said the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country, bringing them down from the earlier 32%.

Letters setting tariff rates for dozens of smaller countries were also coming soon, he added, though they were likely to be over 10%.

Indonesian equities .JKSE touched their highest in over a month, and logged their eighth session of gains. The rupiah IDR= was down 0.1%, little changed after the country's central bank delivered its fourth rate cut on Wednesday, in an easing cycle that began in September.

So far, the U.S. has signed deals of sorts with the UK, China, Vietnam and Indonesia, while many more have been locked in negotiations. During this time, numerous countries, including emerging economies, became the target of fresh tariffs.

"The market is pricing that, at the end of the day, global growth is doing okay, central banks are decently accommodative and tariffs will probably not go into place because the U.S. administration has been walking back a lot of threats," said Gabriele Foà, a global credit portfolio manager at Algebris Investments.

Foà also said that the markets have been taking on risk and that makes it vulnerable to an "adverse development" over the coming weeks.

MSCI'S global EM stock gauge .MSCIEF was little changed.

Regional bourses in Hungary .BUX and Romania .BETI were 0.2% and 0.3% higher respectively, while Poland's .WIG20 was up 0.1%.

Emerging Europe currencies were mixed against the euro. The Polish zloty EURPLN= was 0.1% higher, despite a report saying that a central banker signalling room for more interest rate cuts this year.

Romania awaited minutes of its central bank's latest meeting.

The global EM currency index .MIEM00000CUS dropped 0.2%, while the dollar index =USD was largely flat, paring gains after Tuesday's U.S. inflation report.

The uptick in prices combined with uncertainty over future tariff policies have tempered rate cuts expectations in the world's largest economy, with Federal Reserve officials exercising a cautious stance.

In Africa, South Africa's rand ZAR= was steady, while stocks .JTOPI fell 0.2% ahead of the country's retail sales data, due later in the day.

Turkey's Lira TRYTOM=D3 was little changed, while its stocks .XU100 gained 0.4%.

HIGHLIGHTS:

** Thai industrial sentiment hits 9-month low on tariff woes

** China sets initial price guidance for 6 billion yuan offshore bonds, term sheet shows

For TOP NEWS across emerging markets nTOPEMRG

For CENTRAL EUROPE market report, see CEE/

For TURKISH market report, see .IS

For RUSSIAN market report, see RU/RUB