* Turkish lira sheds some gains a day after surprise rate hike

* Goldman cuts target for Asian equities, MS cuts PT for MSCI China

* Thai baht heads for first week of gains after three weeks of losses

* India's food price surge forces govt measures to improve supplies

* Emerging market stocks down 1.0%, FX slips 0.1%

Aug 25 (Reuters) - Emerging market stocks and currencies fell on Friday as investors braced for the risk of a hawkish tilt from Federal Reserve Chair Jerome Powell at his widely-awaited speech in Jackson Hole.

MSCI's index for emerging market stocks was down 1.0% by 0855 GMT, while the currencies index eased 0.1%. Nevertheless, both indexes were still on track to end the week higher after three straight weeks of losses.

"Comments by Powell, which the market interprets as hawkish, could push the USD a bit further," Antje Praefcke, FX analyst at Commerzbank, said in a note.

"If Powell disappoints, on the other hand, the dollar is likely to give back a good part of the gains it has already made in the run-up to the speech."

China and Hong Kong stocks tracked Asian markets lower, with China's bluechip CSI300 Index and the Shanghai Composite Index clocking their third straight week of losses on concerns over China's economic weakness.

Environment protection-related shares like GreenTech Environmental, Wave Cyber Shanghai and CEC Environmental Protection, however, gained on bets they would benefit from Japan's move to discharge treated radioactive water from the wrecked Fukushima nuclear plant into the Pacific Ocean.

Morgan Stanley cut its price target for MSCI China , a week after it lowered its economic growth forecast for China this year, while Goldman Sachs lowered its 12-month target for Asian equities excluding Japan on possible spillovers from weakness in China's growth.

Turkey's lira eased to 26.45 per dollar, after sharp gains in the previous session, as the central bank hiked its key interest rate by a larger-than-expected 750 basis points to 25%.

A broad rise in prices of food essentials in India, driven by uneven and scanty rainfall is forcing the government into a series of measures to boost supplies and ease inflationary pressures.

The South African rand rose 0.7% against the dollar and was set to end the turbulent week higher after ending the BRICS summit in the previous session with invites to six new members to join the bloc.

The Russian rouble strengthened marginally as a favourable month-end tax period approached.

The Thai baht weakened 0.3%, but was still set for its first weekly gain after three weeks of losses as it drew some support from the formation of a new government by the Pheu Thai-led coalition, and appointment of Srettha Thavisin as prime minister after months of political turmoil.

Central and eastern Europe currencies bucked the trend, with the Hungarian forint rising 0.4% against the euro.

Hungary's wage growth should catch up with inflation after August when annual price growth is expected to be at 16.0-16.1% after a drop in real wages in the first half of 2023, Prime Minister Viktor Orban told the state radio.

The National Bank of Hungary - the first in central Europe to start cutting its interest rates - will meet next Tuesday to decide on interest rates. Analysts project a further 100 basis point rate cut in the one-day deposit rate to 14%.

Elsewhere, Kazakhstan's central bank said that the government might restore a mandatory forex revenue sales requirement if necessary.

(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Sonia Cheema)