By Carolyn Cohn

LONDON, Nov 6 (Reuters) - Emerging stocks recovered some

ground on Friday ahead of key U.S. data and a meeting of G20

finance ministers, although the Czech crown hit four-week highs

on the previous session's steady-rates decision.

U.S. Oct employment data are due on Friday after upbeat data

in the previous session, and the Federal Reserve and European

Central Bank kept rates unchanged this week.

'Despite the increasing volatility that we've seen in the

markets, the overall tone is supportive, particularly after

major central banks such as the Fed signalled that they are

keeping an accommodative stance,' said Murat Toprak, emerging

markets strategist at Societe Generale.'

Benchmark emerging equities rose more than 1

percent. The index has this week wiped out half the previous

week's losses, but risky assets show increasing volatility.

Markets are trading erratically as investors look to

different signals for direction -- U.S. corporate earnings, U.S.

data, monetary policy decisions and indications as to when

governments may lift economic stimulus.

G20 finance ministers and central bankers start a two-day

meeting in St Andrews, Scotland on Friday.

G20 policymakers are agreed that it is too early to pull the

plug on economic life-support packages as the global recovery is

still fragile, British finance minister Alistair Darling told

Reuters in an interview.

Brazil will push G20 policymakers on how to manage excess

global foreign exchange reserves and should address the

disparity between pegged and floating currencies, Brazil's

finance minister Guido Mantega told Reuters in an interview on

Thursday.

Some emerging currencies, such as the Brazilian real,

have risen sharply this year, raising problems for the

economies' export markets.

Emerging European currencies were generally firmer on

Friday.

The Czech crown rallied to four-week highs against the euro after the central bank narrowly voted against cutting

interest rates this week, leaving them at 1.25 percent.

The Serbian dinar recovered some ground after hitting its

lowest against the euro in nearly six months on

Thursday, following a 100 basis point cut in Serbian rates to 10

percent.

The International Monetary Fund is expected to delay a

1.5-billion euro tranche of rescue aid to Romania due next

month, central bank governor Mugur Isarescu said on Friday.

The cost of insuring Romania's debt against default in the

credit default swaps (CDS) market has been rising sharply on

concern about delays in disbursement of a 20 billion euro

international aid package to the country, due to political

instability.

'The current uncertainties translate into depreciation

pressures and high interest rates that make this year's deficit

financing more costly and prolong the freeze of the lending

market to the real economy,' said analysts at Unicredit in a

client note.

However, Romania's five-year CDS were little changed early

on Friday at 280.6 basis points, according to CDS monitor CMA

DataVision. Romania's leu was also steady against the euro .

Emerging sovereign debt spreads were unchanged at 316 bps

over U.S. Treasuries.

Russia briefed around 50 market players in London this week

ahead of a planned 2010 Eurobond, for an issue that could

include a euro tranche.

(Additional reporting by Sebastian Tong; Editing by Victoria

Main)

Keywords: MARKETS EMERGING Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 939.79 +9.70 +1.04 +65.74 Czech Rep 1135.20 -13.40 -1.17 +32.28 Poland 2299.67 -6.17 -0.27 +28.49 Hungary 20394.59 -71.16 -0.35 +66.60 Israel 1019.76 +3.18 +0.31 +55.72 Romania 4514.25 +12.01 +0.27 +55.60 Russia 1360.14 +11.32 +0.84 +115.25 South Africa 23479.58 +181.34 +0.78 +20.75 Turkey 47549.02 +250.98 +0.53 +77.00 China 3164.04 +8.98 +0.28 +73.77 India 16158.28 +94.38 +0.59 +67.49 Currencies Latest Prev Local Local close currency currency % change % change in 2009 Czech Rep 25.71 25.80 +0.34 +4.04 Poland 4.25 4.26 +0.19 -3.13 Hungary 274.64 275.71 +0.39 -4.04 Romania 4.29 4.30 +0.17 -6.52 Russia 35.33 35.34 +0.03 -1.49 South Africa 7.55 7.56 +0.13 +25.03 Kenya 74.75 74.75 +0.00 +4.48 Israel 3.76 3.78 +0.45 +0.48 Turkey 1.48 1.49 +0.13 +3.84 Brazil 1.71 1.72 +0.26 +35.18 Mexico 13.27 13.30 +0.20 +2.88 Debt Index Strip Spd Chg %Rtn Index Sov'gn Debt EMBI+ 315 0 -0.09 484.81 All data taken from Reuters at 1112 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. For related news and prices, click on the codes in brackets: All emerging market news Local market reports Central and eastern Europe Turkey South Africa Spot FX rates Eastern Europe spot FX Middle East spot FX Asia spot FX Latin America spot FX Other news and reports World central bank news Economic Data Guide Official rates Emerging Diary Top events Diaries Diaries Index

(carolyn.cohn@reuters.com; Reuters Messaging carolyn.cohn.reuters.com@reuters.net; +44 207 542 6320)

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