(Updated at 0920 GMT)

* EM indexes set for weekly gains

* Global leaders push for urgent talks between Israel and Hamas

* China's July consumer prices jump faster than expected

* Investors avoid long-dated Kenyan debt

* MSCI EM stocks index up 1.6%, FX index up 0.4%

Aug 9 (Reuters) - Emerging market stocks and currencies rose broadly on Friday, with indexes tracking both set for weekly gains after U.S. employment data soothed nerves about a recession in the world's largest economy and helped risk assets regain some ground.

MSCI's gauge of global emerging market equities rose 1.6%, set to edge up 0.2% on the week, its first weekly rise in four if gains hold.

Bourses in Asia, notably Taiwan and South Korea , led equity gains, though the Kospi index is on pace for its worst weekly decline since September 2022 after a selloff in global technology and semiconductor stocks.

The broader EM currency index rose 0.4%, on track to close the week up 0.7%, which would be its best week since December.

Friday closes an incredibly turbulent week, as global markets plunged after poor U.S. economic data increased worries about slowing global growth. That caused a rush for the safe-haven Japanese yen, which in turn caused a massive unwinding of yen-funded carry trades.

However throughout the week, comments from Japan's deputy governor helped stem the yen's rise, while Thursday's larger-than-expected fall in U.S. jobless claims helped calm nerves about a recession.

Investors see a slightly higher - 54.5% - chance of a 50 basis point cut from the Fed by September, as per CME's FedWatch. Lower interest rates in the U.S. typically lift the attractiveness of high yielding emerging market assets.

Indeed, emerging market equities have seen inflows of $2.3 billion over the past 10 weeks, according to data from Bank of America Global Research. However, EM debt has seen outflows for the past two weeks.

"There's a huge bid for yield over the last week in developed markets ... it won't be long until yield starved investors start considering increasing their allocation of EM paper," said Charlie Bird, trader at Verto FX.

The euro lost about 0.2% each against the Czech crown and Hungarian forint.

Polish stocks led equity gains in emerging Europe, rising 0.6%. On the other hand, stocks in Turkey lost 0.7% after two sessions of gains.

The Israeli shekel strengthened against the dollar for a third day, with the greenback losing 1.2% against the currency.

Leaders of the United States, Egypt and Qatar have pushed for urgent talks between Israel and Hamas on Aug. 15 for negotiations in order to finalize a Gaza ceasefire and hostage release deal.

Elsewhere, central bank data showed nervous investors are avoiding long-dated Kenyan Treasury bills and bonds.

HIGHLIGHTS:

** WEEKAHEAD-AFRICA-FX-Kenya's currency seen strengthening, Ghana's steady

** From PepsiCo to P&G, India becomes next big growth bet as China lags

** GRAPHIC-Recession risks roil markets but not yet alarming

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

(Reporting by Lisa Mattackal in Bengaluru; Editing by Giles Elgood)