* China’s yuan hits 22-month low, stocks set for weekly gains
* Russia’s rouble steady ahead of c.bank meet
* Final vote on Brazil presidential elections over weekend eyed
By Susan Mathew and Sruthi Shankar
Oct 26 (Reuters) - Emerging market stocks were heading for their fifth weekly fall in a row on Friday as disappointing results from U.S. tech giants added to worries about slowing growth and corporate earnings that has prompted investors to shun risk.
China’s yuan hit a 22-month low before recovering, while Russia’s rouble was steady ahead of a central bank meeting that is expected to keep rates unchanged.
Asian shares hit 20-month lows, with South Korean stocks touching their lowest since Dec. 2016. Chinese shares ending lower on Friday, though stimulus hopes helped them post gains on the week.
The sell-off was spurred by a sharp fall in S&P futures as shares of Amazon.com Inc and Alphabet Inc dropped after U.S. market close on disappointing earnings.
“The mentality of the markets right now means that any reasons to sell are being leaped on,” said Craig Erlam, senior market analyst at OANDA in London.
Worries on global growth could steepen with the U.S. economy’s third quarter economic growth numbers, due later in the day, expected to show a slowing.
Russia’s rouble stood at 5.63 per dollar as analysts said they were not expecting another rate hike until the third quarter, with the threat of sanctions hanging over the market. The bank raised the rate last month by 25 basis points.
“The balance of risks between inflation and economic growth did not shift massively in any direction since the previous rate,” analysts at Credit Suisse said in a note.
“We believe the central bank will maintain a hawkish language in its statement, highlighting another hike in the policy rate as a viable option.”
Turkey’s lira and stocks weakened. Both had firmed on Thursday after the central bank left the benchmark interest rate unchanged, as expected.
Heading into the weekend, Brazil will see the second round run-off in its presidential vote between front-runner and market-preferred candidate Jair Bolsonaro, and leftist rival Fernando Haddad. Most polls predict a Bolsonaro win which has underpinned the real’s rally on most days this month.
However, a poll on Thursday showed a narrowing in Bolsonaro’s lead.
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For RUSSIAN market report, see (Reporting by Susan Mathew in Bengaluru; Editing by Andrew Heavens)