Gains in Hong Kong and India put the MSCI index of emerging- market stocks on track to end a four-day losing streak, up 0.15 percent on the day.

Hong Kong's Hang Seng Index, which is heavily weighted in the MSCI benchmark, rose for the first time in seven sessions.

India's main equity index was headed for its best day in about six months, with nearly all sectors gaining. The rupee strengthened as prices for the country's enormous daily oil imports fell.

South Africa's rand held on to much of the 2 percent it gained on Tuesday after President Cyril Ramaphosa named Tito Mboweni, a former central bank governor, to replace Finance Minister Nnlanhla Nene.

"Mr Mboweni was an inspired choice to replace Mr Nene and the decisiveness of the move amid market uncertainty was widely welcomed," said Gary van Staden, a senior political analyst at NKC African Economics.

"The former Reserve Bank governor can be a difficult personality, but his skill set and deep understanding of financial markets are likely to see him embrace a market-orientated policy framework with a no-nonsense attitude."

Turkey's lira looked ready to end three days of gains as markets digested a plan to combat inflation that Finance Minister Berat Albayrak proposed on Tuesday.

Businesses have agreed to cut prices on the goods they sell by at least 10 percent, Albayrak said.

"It doesn't surprise me, but it certainly is not market-positive," said Paul Fage, senior emerging markets strategist at TD Securities.

"This kind of idea of arm-twisting companies into not raising prices can work potentially in the short term, but not in the long term."