Emerging Markets-EM shares gain on Hormuz hopes, lower oil; Nvidia earnings in focus

Monetary policy decisions remain in focus across emerging markets.

Hungary's central bank cut its key rate by 25 basis points to 5.5% on Tuesday, its third consecutive reduction, as expected. Policymakers left the door open to further easing, depending on September inflation forecasts and global market conditions.

The forint EURHUF= edged 0.1% lower, while Budapest's .BUX benchmark stock index fell 0.5%.

Thailand's central bank kept its key rate unchanged for a third straight meeting, as expected. The baht THB=TH was little changed, while Thai stocks .SETI rose 0.7%.

In South Korea, the Bank of Korea is expected to raise its policy rate to 3.00% on Thursday. The won KRW=KFTC was little changed but remained near an 11-month high, supported by AI-led semiconductor exports and stronger foreign demand for exposure to the country's technology sector.