EMERGING MARKETS-EM stocks, currencies slip; Nvidia results on tap

By Pranav Kashyap

Aug 27 (Reuters) - Most central and eastern European currencies were lower on Wednesday, while equities ticked up as caution prevailed ahead of Nvidia earnings that will shape near-term risk sentiment globally.

The Hungarian EURHUF= fell for the second straight day while equities in Budapest .BUX were flat, a day after the central bank left interest rates steady at the European Union's joint-highest 6.5% level for the eleventh successive month.

Meanwhile, the Polish zloty EURPLN= slipped after gaining for two straight days as stocks in Warsaw .WIG20 rose 0.3% - poised to log a three-day winning streak, its longest in nearly a month.

The Russian rouble RUB= ticked up 0.2% ahead of the release of July's industrial output, retail sales and the unemployment rate.

On the war front, Ukraine's sovereign dollar bonds fell further, as there was little to no progress over a peace deal with Russia and optimism continued to fade.

President Donald Trump was prepared to impose economic sanctions against Russia if Vladimir Putin failed to agree to a ceasefire.

"The respective Russia and Ukraine bargaining positions remain far apart, and the lack of trust and divergent goals mean any negotiation process will likely be slow and fragile," UBS analysts said in a note.

The dollar clawed back some ground in a jittery rebound, pressuring some Asian currencies — but gains hit a ceiling due to renewed concerns over the Federal Reserve's independence, following Trump's latest bid to tighten his grip on the central bank.

"Trump's dismissal of Lisa Cook is not going to have a big short-term FX impact. The implications may only play out in the longer run, as the current focus remains more on data," Francesco Pesole, FX strategist at ING, said.

The MSCI gauge for equities in emerging markets .MSCIEF fell for the second consecutive session. All eyes were on Nvidia as investors awaited its earnings after the U.S. close.

The AI titan has become the heartbeat of the global tech rally, and data showed options traders are pricing in a $260 billion swing in its market value.

China's blue-chip CSI300 .CSI300 fell 1.5%, while the Shanghai Composite Index .SSEC dropped 1.7% - poised to log its biggest daily loss in nearly five months.

Data showed China's industrial profits fell for a third consecutive month in July.

Meanwhile, equities in the Philippines .PSI were set to log their best day in nearly five months ahead of an interest rate decision on Thursday, where analysts expect a 25 basis points cut.

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For CENTRAL EUROPE market report, see CEE/

For TURKISH market report, see .IS

For RUSSIAN market report, see RU/RUB