* Shanghai Composite index extends last week's declines

* Turkey's annual inflation climbs to 64.86% in January

* Turkish stocks at record high

* Senegal bonds drop as presidential election postponed

* EM stocks down 0.4%, FX off 0.3%

Feb 5 (Reuters) -

Emerging market assets had a lacklustre start to the week on Monday as traders trimmed bets of early U.S. interest rate cuts and Chinese stocks continued to decline, while Turkish equities hit an all-time high.

MSCI's index of emerging market (EM) equities slipped 0.4% by 0936 GMT. A basket of regional currencies dipped 0.3% against a firm dollar, and was set for its weakest session in nearly three weeks.

Risk sentiment was fragile while Treasury yields ticked higher after a strong U.S. job growth report on Friday led investors to drastically scale back expectations of rate cuts from the Federal Reserve in March.

Adding to the dour mood, Chinese equities ended mixed, with sentiment shaky due to the lack of a clear signal for policy support.

The Shanghai Composite index dropped 1.0%, after logging its worst week since 2018 on Friday, while Hong Kong's Hang Seng shed 0.2%.

China's securities regulator said on Monday it will closely monitor and take forceful measures to prevent risks from pledged shares.

EM stocks and currencies have lost momentum this year due to China's prolonged economic woes and falling bets of policy easing from the Fed.

Most Asian currencies also weakened, with the Malaysian ringgit and Philippine peso down 0.7% each and leading losses.

Elsewhere, Turkey's inflation rate climbed a bit more than expected to 64.86% annually in January, partly due to a big minimum wage jump. The data comes after the surprise resignation late on Friday of Hafize Gaye Erkan as central bank governor.

"The fact that inflation didn’t rise significantly more than expected in January is positive given the uncertainty about the impact of the minimum wage hike," said Liam Peach, senior emerging markets economist at Capital Economics in a note.

"But the figures present a small setback to the disinflation process and highlight the continued strength of services inflation.

Turkish stocks gained 1.1% to hit a record high.

Senegal's sovereign dollar bonds fell after President Macky Sall announced on Saturday that the Feb. 25 presidential vote, in which he is not a candidate, would be postponed to an unspecified date.

Argentina's lower chamber of deputies gave overall approval to libertarian President Javier Milei's sweeping "omnibus" reform bill on Friday, paving the way for a decisive vote in the Senate.

HIGHLIGHTS

** China's Jan services activity expands at slower pace

** S&P affirms Nigeria rating, outlook remains stable

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(Reporting by Amruta Khandekar; Editing by Varun H K)