* China stocks rise on hopes for trade talks
* Oil prices stabilise but sentiment glum on oversupply
* Indonesian rupiah, Philippine peso up after rate hikes
By Agamoni Ghosh
Nov 15 (Reuters) - Emerging market shares rose on Thursday, cheered by a bounce in Chinese equities on renewed optimism over a softening of the Sino-U.S. trade dispute, while currencies gained as oil prices stabilised amid concerns about a global supply glut.
Reuters reported late last night that Beijing delivered a written response to U.S. demands for wide-ranging trade reforms, a move that could resume negotiations to bring an end to the bitter trade war between the world’s top economies.
“China clearly wants to give a semblance of measures (to de-escalate trade tensions) but its not clear whether the U.S. administration is happy with what China has offered. So, we’ll have to wait and see,” said Mitul Kotecha, senior emerging markets strategist at TD Securities.
Investors have been cautiously monitoring moves related to the trade stand-off ahead of a meeting between presidents Donald Trump and Xi Jinping late this month.
The broader index for emerging markets witnessed its biggest intraday gain in almost two-weeks, up 1.1 percent, boosted by mainland China shares which rose on news of trade optimism and financial companies benefiting from policy support for markets.
Russian stocks climbed 0.4 percent after the central bank assured it was in a position to tame risks of market volatility as a result of fluctuations in oil prices and capital flows.
Shares in South Africa as well as Turkey also rose between 0.2 - 0.3 percent, taking cues from their emerging counterparts.
The MSCI currency index was up for a second consecutive day as the dollar weakened against its European rivals after Britain’s prime minister won cabinet approval for her draft Brexit plan. But, by 0915 GMT the dollar recovered slightly.
“The biggest driver is the weaker dollar, and then you have softer oil prices, with sentiment being reinforced by the rate hikes in Indonesia and Philippines. All of that is helping shore up Asian FX sentiment,” said Kotecha.
A surprise rate hike by Bank Indonesia buoyed the rupiah while the Philippine peso also rose after its central bank raised borrowing costs.
South African rand rose 0.6 percent, in line with a rise in bonds, and retail sales for September signalling hopes for the economy to climb out of a recession.
The Russian rouble neared a two-week high, as bond prices rallied and as fears of more imminent U.S. sanctions faded.
Currencies of net crude importers like the Turkish lira and Indian rupee continued to benefit from oil’s supply glut concerns in a market where consumption is expected to slow down.
Central and eastern European currencies gave up almost all their early gains as Britain’s Brexit secretary resigned.
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For RUSSIAN market report, see (Reporting by Agamoni Ghosh and Susan Mathew in Bengaluru; Editing by William Maclean)