A thundering bull run in emerging markets had investors polishing their horns on Tuesday as record high Russian stocks and a two-year peak in Brazil echoed broad
EM FX and bond gains.

MSCI's closely-followed 27-country EM share index ground out its latest one-year high as it climbed for a seventh day in nine, and its rally since January moved past the 33
percent marker.

Moscow's rouble-denominated MICEX stock market underscored the power of the uplift as oil creeping back towards $50 a barrel helped it shrug off fighting in Ukraine to
hit an all-time high.

EM currencies meanwhile took advantage of a dollar heavily subdued by fresh signs that U.S. interest rates are likely to stay put this year.

The greenback was having its worst day of the month, which allowed South Korea's won to press a 15-month high, Brazil's real to touch a one-year high and Mexico's peso
to climb to its highest since May, among others.

"It's summer, it's quiet and the market is rallying these are the important things," said Aberdeen Asset Management's Viktor Szabo.

"We are basically now waiting for a wall of (bond) issuance in early September and you have to say the environment is perfect," he said, adding that major players like Saudi Arabia and Russia may all be looking to sell debt.

Russia's Finance Ministry will decide in the autumn whether to top up sovereign Eurobond issue, Konstantin Vyshkovsky, head of the ministry's debt department, told Reuters.

Among the other few pieces of hard news, Zambia's currency, the kwacha, rose 2.5 percent to 10.06 against the dollar after President Edgar Lungu narrowly won re-election on Monday, though his main rival warned the vote had been rigged.

Zambia is Africa's second biggest copper producer but the kwacha slid around 20 percent between April and July, and Lusaka has been in talks about a support deal with the International Monetary Fund.