Nov 10 (Reuters) - Emerging market stocks and currencies broke a four-day winning run on Thursday, with stocks retreating from one-month highs amid nervousness ahead of U.S. inflation data that could sway the Federal Reserve's policy tightening stance.

After gaining more than 4% over the last four sessions, MSCI's index of emerging market shares tripped 1.4% with bourses across the board in the red.

Rising COVID-19 cases in China, especially in the southern manufacturing hub of Guangzhou, hit Asian shares as investors worried about curbs crimping economic activity in the world's second largest economy.

Weak sentiment persisted into the European session, with African, central European and Middle East shares all down.

Eyes were on U.S. inflation data due at 1330 GMT, which is expected to show headline inflation at 8% in October. The dollar was largely flat ahead of the data. Bets are almost equal between another 75 basis points hike or a smaller 50 bps move by the Fed next month.

"It is cautiousness ahead of the CPI for sure, but we've also seen a bit of a rebound in October. Investors are getting a little ahead of themselves. So this is adding to the cautiousness," said Per Hammarlund, Chief EM strategist at SEB.

Aggressive tightening by major central banks this year have hampered risk sentiment, as investors fret about the likelihood of a consequent recession, and as the it narrows interest rate differentials that make riskier currencies attractive.

On Thursday, most developing world currencies made small moves lower.

Against a steady euro, the Polish zloty stabilized. It slid 0.7% in its worst day in a month on Wednesday when the central bank kept the key interest rate unchanged at 6.75%, disappointing some who had expected a hike. The bank warned that inflation will only return to a level within or close to its target in 2025.

Citi strategists expect the interest rate to be on hold in coming months and the first cut to be delayed to 2024.

"Since inflation is unlikely to fall to acceptable levels in the coming quarters, such a strategy means the zloty may underperform its regional peers in the coming months."

The Czech crown fell about 0.4% from nine-month highs hit earlier this week.

Data showed Czech consumer prices fell on a monthly basis for the first time since December 2020, decreasing by 1.4% in October, while the year-on-year inflation rate eased to 15.1%, much lower than expected.

This comes after the country's central bank kept rates steady for a third straight meeting last week. For GRAPHIC on emerging market FX performance in 2022, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2022, see https://tmsnrt.rs/2OusNdX

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For RUSSIAN market report, see (Reporting by Susan Mathew in Bengaluru; editing by Uttaresh.V)