Updated at 0908 GMT

By Johann M Cherian

July 10 (Reuters) -Emerging market equities slipped on Wednesday, with China's bourses among the top losers after data signalled soft demand in the world's largest consumer, while the Czech crown weakened on signs inflation was back within the central bank's target.

China's main stock indexes .CSI300, .SSEC ended 0.3% and 0.7% lower after consumer prices rose for a fifth month in June but missed expectations, while producer price deflation persisted, with domestic demand on a slow recovery track despite support measures.

Vladimir Miklashevsky, an independent Finnish analyst, said inflation data is a bit off the radar at the moment because of a potential trade war with Europe over electric vehicles, which could be negative for both parties.

Last week, China announced the next step in its anti-dumping investigation into European brandy imports, just as the European Commission's provisional tariffs on Chinese-made electric vehicles took effect. China's June trade data is due on Friday.

MSCI's index tracking emerging markets equities .MSCIEF slipped 0.1%, while a currencies gauge .MIEM00000CUS was flat against the dollar.

The Czech crown EURCZK= weakened 0.3% to a near three-month low after data showed headline inflation fell back to the central bank's target of 2% as policymakers are set to debate whether to scale back the pace of interest rate cuts.

Hungary's forint EURHUF= firmed 0.3%, ahead of the release of the minutes of the local central bank's June rate-setting meeting.

Separately, a report said the Hungarian government will phase out windfall taxes on telecommunication and pharmaceutical companies from 2025.

The forint had dropped earlier in the week on new corporate taxation policies as the government tries to balance a budget deficit above European Union limits.

Sri Lanka's rupee LKR= inched up 0.1% against the greenback, while the yield on dollar bonds maturing in 2030 USY8137FAR92=TE dipped nine basis points. The local parliament approved amendments to a decades-old law to allow Elon Musk's Starlink, the satellite unit of SpaceX, to set up operations in the South Asian island nation.

"Investors like Musk are very practical. What they need is a stable economic environment and these investments in the beginning are symbolically very positive and could attract others," Miklashevsky added.

Earlier, Sri Lanka said it will wrap up talks with international bondholders on restructuring $12.5 billion in debt within a few weeks.

In Egypt, the pound EGP= slipped 0.1%. The International Monetary Fund (IMF) said it had rescheduled an executive board meeting with the north African country on the third review of an expanded IMF loan program.

Elsewhere, Nigeria's NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive told Reuters. The naira NGN= slipped 0.6%.

Reporting by Johann M Cherian in Bengaluru; Editing by Sharon Singleton

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