* China factory data disappoints

* Ukraine's sovereign bonds slide

* Hungary c.bank decision due on Tuesday

June 17 (Reuters) - Emerging market equities slipped on Monday, on mounting concerns about more signs of uneven economic recovery in China, while currencies were muted as investors looked for more clues on when the Federal Reserve will start cutting interest rates.

Ukraine was also on investors' radar, after the government was unable to reach an agreement with a group of bondholders over restructuring some $20 billion of international debt.

The country's dollar-denominated eurobonds fell by as much as 1.5 cents even as Ukraine's Finance Minister Serhiy Marchenko said talks would continue and he expected the government to reach an agreement by Aug. 1.

Overall, the MSCI index of EM equities slipped 0.2%, while currencies were subdued as investors awaited more U.S. economic data after mixed signals on the monetary policy path last week.

Mainland China and Hong Kong stocks closed lower on Monday, with the key benchmark finishing at its lowest level in more than two months, dented by weaker-than-expected data that showed the Chinese property sector remains a key drag on the economy.

The Shanghai Composite index dropped 0.6%, while the blue-chip CSI300 index slipped 0.2%.

"Beijing is attempting to revive the real estate market by encouraging local authorities to go on home buying sprees, but this data suggests it'll just be a sticking plaster for a much deeper wound afflicting property sector," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Several Asian and Middle Eastern markets were closed on Monday, while bourses in Budapest, Warsaw and Prague rose, mirroring a rebound in broader European markets after political turmoil gripped traders last week.

The Hungarian forint firmed to 395.52 after racking up losses against the euro recently ahead of the central bank's policy decision on Tuesday, where it is expected to opt for the smallest rate cut in its 14-month-old easing cycle.

The forint touched a fresh three-month low to the euro on Friday, and an eight-month low versus the dollar after a hefty fine was imposed on Budapest by the European Union over its migration policy.

Meanwhile, ratings agency Moody's upgraded Zambia's foreign and local currency debt on Friday, citing the government's strong performance under the International Monetary Fund (IMF) programme, while it downgraded Gabon's ratings, pointing to liquidity risks and deterioration in its fiscal strength.

HIGHLIGHTS:

** Polish cenbank may consider rate cut in Q2 2025, says c.banker Kotecki

** Thai market fall due to political worries should be temporary, official says

** South Korea to hold first round of talks with China on Tues

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(Reporting by Sruthi Shankar in Bengaluru; editing by Shinjini Ganguli)