A person imposing ‘Order!’ Swedish-style

Emerging market bargain hunters lost in force on Thursday, snapping up beaten up currencies from Nigeria to Russia and driving the key global EM stocks index to your three-week high.

The escalating trade war amongst the world’s biggest developing economy China as well as the biggest full stop, the us, again still did not dampen the mood as animal spirits returned.

There remained as some sore wounds. Turkey’s lira traded higher prior to the government’s long-awaited economic plan still did not impress. That compounded data showing consumer confidence had slumped to a 3-year low.

South Africa’s rand, another heavyweight EM currency battered in recent times, was up 1.5% at 14.45 per dollar as markets set for that 13:00 GMT central bank monthly interest decision, and after the government stated it had approved a completely new mining charter.

All bar among the list of economists polled by Reuters be aware of the Reserve Bank keeping its benchmark rate at 6.5%, using the should keep inflation down pursuing the rand’s recent plunge.

Russia’s rouble was also within the foot, hitting a five-week high as oil prices consolidated their recent gains.

“You will find definitely some bargain hunting taking place however it is a bit more selective,” said ING’s chief EMEA FX and apr strategist, Petr Krpata.

“The main currencies that happen to be up are those that were absolutely hammered last month… we believe will still be ahead of time to declare more stable risk sentiment, particularly in front of the US mid-term elections (in November).”

There was a good amount of appetite for stocks too, tension was some divergence in the room.

China’s main bourses ended flat and Manila, Jakarta, Mumbai and Taiwan had dropped between 0.2 and 1.2% in Asia. Turkish stocks also flopped after country’s economic plan.

But solid gains elsewhere, including in Russia and South Africa put MSCI’s 24-country emerging market index firmly on track due to its third day of gains.

Regional Asia currencies also were propped up by China Premier’s Li Keqiang’s comments on Wednesday that Beijing won’t weaken the yuan to enhance exports.

Washington earlier this week imposed 10 percent tariffs on about $200 billion price of Chinese imports, while Beijing announced new retaliatory levies on about $60 billion amount of US goods at scaled-back rates.

The Indonesian rupiah and Philippine peso both climbed nearly 0.2%, drawing comfort from their governments’ proposed measures to shore up their currencies.

The Philippine central bank signalled a fourth hike in its benchmark interest levels at the moment on Tuesday, although Indonesian finance minister said the federal government is looking to persuade exporters to keep their earnings onshore and convert them into local currency.

Most analysts expect the Indonesian central bank to boost interest levels at next week’s meeting, that would be its fifth consecutive hike since May.

Focus was back on Ukraine as watchers there have been left wondering whether Kiev and International Monetary Fund had agreed a completely new support plan using a visit to IMF officials.