EMERGING MARKETS-EMEA stocks outperform Asia; Turkish equities at record high

* Rouble gains on oil prices, but easing expectations weigh

* EMEA stocks outperform broader EM

* MSCI’s index of EM stocks down 0.3%

Nov 11 (Reuters) - Turkish stocks hit a record high and Russian equities rose to a 2-1/2 month peak on Wednesday as optimism over a coronavirus vaccine saw sustained buying of risk-driven assets, particularly stocks.

Most emerging market currencies in Europe, the Middle East and Africa also ticked higher, with Turkey’s lira adding as much as 1% after a regulator relaxed bank limits on swaps and other transactions to support the currency.

The country’s current account deficit also narrowed more than expected in September, indicating some economic respite from the impact of the coronavirus.

But concerns over Turkish central bank independence, after the abrupt replacement of the governor, as well as dwindling foreign exchange reserves and spiking inflation dulled the outlook for Turkish assets.

Still, Turkish stocks rose 0.8% to a record high. Most other EMEA stock markets rose between 0.2% to 1.2%, outperforming a 0.3% drop in the MSCI’s index of emerging market stocks as major Asian bourses retreated.

“In general, the developed world is better placed than EM for securing vaccine supply - this may mean that in parts of the emerging world, the cycle takes longer to normalise,” said John Lomax, head of global emerging markets equity strategy, HSBC.

Analysts also noted that economic ructions from the pandemic would persist during the time taken to develop and distribute the vaccine, which would likely result in increased volatility in the near term for risk-driven markets.

“Even if the future looks more promising again now: everyone has to be patient until then and face the current conditions. The latter are not that rosy for economies globally,” said Antje Praefcke, FX and EM analyst at Commerzbank.

Russian stocks rose 0.6% to their highest level since late-August, while the rouble benefited from stronger oil prices.

But comments from the Russian central bank governor that there was still room for further monetary easing weighed on the currency.

The Russian central bank had paused an easing cycle earlier in the year due to increased foreign exchange volatility stemming from European sanctions on Moscow, as well as unrest in the Caucasus.

Markets were also anticipating the placing of two Russian sovereign euro-denominated Eurobonds.

In central Europe, the Polish zloty rose slightly to the euro after minutes of the central bank’s October meeting showed that officials saw an economic recovery continuing in the coming months, albeit with more uncertainty.

For GRAPHIC on emerging market FX performance in 2020, see For GRAPHIC on MSCI emerging index performance in 2020, see

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For RUSSIAN market report, see (Reporting by Ambar Warrick in Bengaluru; Editing by Kirsten Donovan)