Stocks track global shares higher, dollar gains weigh on FX

Aug 7 - Emerging market stocks rose on Wednesday, as global shares bounced back from a brutal sell-off at the start of the week, while a strengthening dollar weighed on local currencies.

The unravelling of the yen carry trade, coupled with a softer-than-expected U.S. jobs report last week, and fears of a U.S. recession sparked a global sell-off earlier this week with investors dumping riskier assets and moving to safe-havens. However, markets are still assessing the likelihood of a slowdown in the United States and what it means for the Federal Reserve outlook, while growing worries about China's economic strength continue to overshadow emerging market assets.

The Indian rupee fell to an all-time low against the dollar ahead of India's central bank policy decision on Thursday. Central European currencies are facing diverse outlooks for the next 12 months, according to a Reuters poll, with the zloty and crown expected to rise over the next year while the forint and leu are seen falling.

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