EMERGING MARKETS-FX, stocks higher as markets shrug off US tariffs; Russia, Ukraine assets jump

By Purvi Agarwal and Sukriti Gupta

Aug 7 (Reuters) - Most emerging market currencies were higher while stocks jumped on Thursday as higher hopes of interest rate cuts by the Federal Reserve buoyed sentiment and investors looked past U.S. tariffs, while assets in Russia and Ukraine also advanced.

A Kremlin aide said that U.S. President Donald Trump could meet Russian President Vladimir Putin in the coming days - in what would be the first meeting between leaders of the two countries since 2021.

Russia's rouble RUB= gained 0.9% against the greenback, over-the-counter market data showed, while stocks in Moscow jumped 4.5%.

Dollar bonds in Ukraine broadly jumped near 3 cents to the dollar each, extending their gains from the previous session. Ones maturing in 2035 XS2895056369=TE gained about 2.7 cents.

Equities in EMs were broadly higher with most heavyweight Asian stocks on the rise. Tech shares led the charge, tracking gains on Wall Street overnight, with stocks in Taiwan .TWII surging to a more than one-year high.

Stocks in Poland .WIG20 and Hungary .BUX up 1.9% and 1.4% respectively. Stocks in Romania .BETI advanced 0.6%, to a record high, with the MSCI gauge .MSCIEF up 1.1%.

Turkish .XU100 and South African .JTOPI stocks jumped 1% and 0.6% respectively.

Risk assets found continued support in expectations of an interest rate cut from the U.S. Federal Reserve, after a bleak jobs data report and the resignation of a Fed governor last week, with one in September all but priced in.

Trump announced hefty tariffs on imported semiconductors on Wednesday but offered up a big exemption - the measure will not apply to companies that are manufacturing chips in the U.S. or have committed to do so.

"Investors are focusing more on the exemptions rather than on anything else. There's also been positive earnings reports from U.S. companies like Palantir, so tech stocks have rallied a bit, and that has lifted emerging markets assets too," said Giulia Bellicoso, markets economist at Capital Economics.

Trump announced an additional 25% tariff on Indian goods on Wednesday, raising the total duty to 50%, aiming to penalise India over purchases of Russian oil. Trump also said he could levy more duties on imports from China for the same reason.

The Indian rupee INR=IN held steady while stocks .NSEI, .BSESN fell 0.6% on Thursday, as markets had closed ahead of the news on Wednesday.

BRICS group members - India, South Africa, Brazil - are among countries whose exports face the highest duties in Trump's tariff measures, though the economies are not expected to be impacted significantly.

Bellicoso also said that global growth and trade will slow, adding that EM assets will not fall dramatically but will not perform as well as they have done so far this year.

Among currencies, most in emerging markets capitalized on a lower dollar, with MSCI's EM currency index .MIEM00000CUS up 0.3%.

Turkey's lira TRYTOM=D3 was down 0.1%, while South Africa's rand ZAR= gained 0.2%.

Emerging Europe currencies strengthened against the euro, but the Hungarian forint EURHUF= was down 0.3%.

HIGHLIGHTS:

** Thai consumer confidence hits lowest level in over two years

** Philippines posts strongest growth in a year in second quarter

** China's exports top forecasts as shippers rush to meet tariff deadline

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