* US CPI, Fed decision in focus this week

* Czech's Nov CPI comes in hotter than expected

* China blue-chips recoup early losses

* Stocks off 0.2%, FX down 0.3%

Dec 11 (Reuters) - Currencies and stocks in emerging markets began Monday on a sombre note as investors stayed wary ahead of a crucial U.S. inflation report and the Federal Reserve's interest rate decision due this week.

MSCI's gauge of emerging markets stocks inched down 0.2%, while a basket of currencies was down 0.3% against the dollar by 1006 GMT.

Friday's robust U.S. jobs report pushed investors to pull back expectations for a rate cut, and the focus now shifts to inflation data due on Tuesday.

Along with the Fed's monetary policy decision this week, markets will scrutinise a slew of central bank meetings, including those of the European Central Bank and the Bank of England, for insights on the developed markets outlook for interest rates.

"The Fed is still likely to be more of a slow oil tanker than a speedboat but will probably acknowledge that barring a unexpected surprise, the hiking cycle is over but will conclude that it’s premature to talk about cuts at the moment," Deutsche Bank economists said in a note.

In Asia, China's blue-chip stocks clawed back early losses to end the session up 0.6%, after a fall of as much as 1.6% to hit five-year lows, as investors expected more policy support after disappointing inflation data.

"We continue to argue that while consumer prices fell further amid weak demand, China is not yet experiencing deflation, in the sense that the fall in prices has not yet become entrenched and altered consumers’ inflation expectations," Tommy Wu, a senior economist at Commerzbank said in a note.

In the Middle East, Turkey's lira hit fresh record lows of 29 against the dollar after authorities loosened their grip on the currency in a pivot to more orthodox policies. The lira last stood 0.3% down, at 28.9970 to the dollar.

Data showed a smaller than expected surplus in Turkey's current account balance in October, while industrial production also fell.

In Central and Eastern Europe, Czech consumer prices rose by 0.1% in November, defying a prediction of a small dip as the market turned its attention to the size of price markups in January that will help determine the path for interest rates.

The Czech crown was little changed against the euro.

In South America, Argentine voters may have cause to worry about new President Javier Milei's pledge for painful economic shock therapy, but markets are keen, hoping the libertarian will give the economy a "firm kick" when he lays out his plan this week. For GRAPHIC on emerging market FX performance in 2023, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2023, see https://tmsnrt.rs/2OusNdX

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For CENTRAL EUROPE market report, see

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For RUSSIAN market report, see (Reporting by Siddarth S in Bengaluru; Editing by Clarence Fernandez)