MSCI’s index for EM equities was down 0.4% as stocks in mainland China slid close to 7% a day after officials failed to inspire confidence in stimulus plans intended to revive the economy.

“Clearly the expectations are quite high. Markets are looking for a sea of change in the view from Chinese authorities towards growth,” said Matthew Ryan, head of market strategy at financial services firm Ebury.

China’s finance ministry will detail plans on fiscal stimulus to boost the economy at a much-awaited news conference on Saturday.

Currencies in central eastern Europe (CEE) were broadly flat against the euro, owing to a lack of catalysts.

South Africa’s rand eased 0.3%, hovering at its lowest levels in more than three weeks, while equities dropped nearly 1% as commodity-linked stocks remained under pressure.

Focus would remain on the moves of the US dollar, with minutes from the Fed’s September policy meeting later in the day and a consumer price index reading due on Thursday.

“When we do our emerging market forecast, our first thought is our dollar view… that really drives everything across the board, particularly what the Fed is doing with its policy,” Ebury’s Ryan said.

A blowout jobs report last week all but quashed hopes that the Fed could opt for another bumper rate cut this year, giving a leg up to the greenback.

Global index provider FTSE Russell said it would include India’s sovereign bonds in its emerging markets government bond index (EMGBI) from September 2025, and also added South Korean government bonds to the FTSE world government bond index (WGBI) after two years on its watch list.

The Reserve Bank of India kept its key interest rate unchanged, as widely expected, but tweaked its policy stance to “neutral”, opening the door for rate cuts as early as December.

Later in the day, the Bank of Israel is also expected to keep short-term interest unchanged for a sixth straight policy meeting.

Inflation data from Mexico and Brazil due on Wednesday would also be on investors’ radar.