Emerging Markets-Assets stage recovery, Turkey rises

* Emerging equities bounce from Aug 2007 lows

* Sovereign debt spreads tighten inside USTs+300 bps

* Turkish assets rise on easing of political worries

* Polish zloty hits record high vs euro

By Carolyn Cohn

LONDON, July 17 (Reuters) - Emerging market assets rose on Thursday, boosted by lower oil prices and stronger-than-expected results from a top U.S. bank, and Turkish assets rallied on rate rise expectations and an easing of political tension. Forecast-topping results at Wells Fargo (WFC.N: Quote, Profile, Research), the fifth largest U.S. bank and a big mortgage lender, helped drag global financial shares up in the previous session, although the tone in developed markets was cautious ahead of a raft of earnings results later.

Emerging markets have had a volatile week, with stocks dropping sharply to their lowest levels since Aug 2007 on rising risk aversion after the U.S. government mounted a rescue plan to help support mortgage lenders Fannie Mae and Freddie Mac.

Riskier assets also found support from lower oil, which was trading at $134.25 a barrel CLc1, around $13 below last week's all-time peak.