* India's CPI data due at 1200 GMT

* Hong Kong shares rise on investor optimism

* Pakistan's cbank decision on watch

* Turkey's lira hits fresh lows

* Stocks rise 0.4%, FX up 0.1%

Dec 12 (Reuters) - Emerging markets stocks rose on Tuesday, led by gains in Hong Kong and Philippines shares as investors braced for a key U.S. inflation report, while currencies were little changed ahead of the Federal Reserve's interest rate decision later this week.

MSCI's gauge of emerging markets stocks gained 0.4%, while a basket of currencies was up 0.1% against the dollar by 0955 GMT.

U.S. consumer prices index(CPI) data for November is expected to show inflation still cooling but staying well above the Fed's 2% annual target, with core CPI expected to come in at 4%.

The Fed is expected to keep interest rates steady when the central bank will announce its decision on Wednesday.

"Unless the inflation data today comes as a massive surprise, the possibility of further interest rate hikes remains a completely unrealistic scenario from a market perspective," Ulrich Leuchtmann, head of FX and Commodity Research at Commerzbank, said in a note. Hong Kong's Hang Seng Index climbed 1.1%, while the Shanghai Composite Index rose 0.4% on investor optimism around a major ongoing economic meeting in China.

The annual Central Economic Work Conference, during which Chinese President Xi Jinping and other top officials are expected to chart the course for the world's second-largest economy next year, is likely to end on Tuesday, sources said.

Philippines benchmark index jumped 1% ahead of the country's central bank expected on Thursday to leave interest rates unchanged for a second month as inflation cools, according to a Reuters poll.

Elsewhere in Asia, the Indian rupee was listless, while the benchmark Nifty 50 index edged down 0.4% ahead of the country's inflation readings due later in the day, which will offer clues on the interest rate outlook.

Neighbouring Pakistan central bank's interest rate decision is due later in the day, where it is expected to keep rates unchanged. The rupee was subdued, while stocks gained 0.8%.

In Europe, Hungarian forint inched up 0.2%, while both the Polish zloty and the Czech crown were little changed.

Turkey's lira hit fresh lows of 29.0350 to the dollar after breaching the 29 mark against the dollar in the previous session.

In South America, Argentina's new president Javier Milei is expected to roll out his economic measures later in the day, having warned in his inaugural speech that he had no alternative to a sharp, painful fiscal shock to fix the country's "titanic" challenges.

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

For TURKISH market report, see

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