Oct 4 (Reuters) - Emerging market stocks joined a global rally on Tuesday, after weak U.S. data raised doubts if the Federal Reserve would stay aggressive in its fight against inflation, while a subsequent hit to U.S. Treasury yields and the dollar lifted currencies.

After a choppy start to the final quarter of the year, MSCI's index of emerging market stocks rose 1.6% and moved firmly away from 2-1/2-year lows, while the currencies index climbed 0.2%, extending gains to a fourth session.

The gains came a day after grim manufacturing data across the globe heightened recession worries. But as investors gauged weak U.S. manufacturing data, riskier assets rose, helping U.S. stocks end sharply higher on Monday.

An about-face by the British government on controversial tax cuts that had roiled local markets also aided sentiment.

"Equities continue to push higher following a "risk-on" U.S. session as recent pressure points - real rates and the dollar - continue to ease," said Stephen Innes, managing partner at SPI Asset Management.

"This, coupled with oversold conditions and a further reduction in UK risk premium, could see markets well supported into the U.S. non-farm payrolls number on Friday," he said, adding that the soft U.S. manufacturing data could spur bets that the Fed will dial down soon.

Risk assets have taken a hit this year, with the EM currencies index down about 8% compared to a 16% rise in the dollar, as major central banks responded strongly to stubbornly high inflation, risking a recession.

Among the most remarkable moves overnight was a near 5% jump in Brazil's real after a strong performance by right wing President Jair Bolsonaro in the first round of presidential elections eased some policy fears.

On Tuesday, Turkey's lira sat out a rally in EM peers, shedding 0.2% after the country's trade deficit leapt 298% year-on-year in September on surging energy import costs. This came a day after data showed inflation hit a 24-year high.

Hungary's forint bounced off record lows against the euro after parliament passed the first of a series of anti-corruption bills aimed at avoiding a loss of European Union funds as the economy heads towards a recession.

South Africa's rand strengthened 0.6% against the dollar ahead of the central bank's biannual monetary policy review later in the day, which could shed some light on the interest rate trajectory in Africa's most industrialised economy. 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 Subhranshu Sahu)