* China assets slip as Trump says no deadline to trade deal
* HK stocks at near 2-month low as business activity shrinks
* EM currencies largely muted following recent USD weakness
* U.S. services sector data awaited
By Ambar Warrick
Dec 4 (Reuters) - Developing world stocks sank to their lowest in more than a month on Wednesday in the face of further delays to a hoped-for end in Sino-U.S. trade ructions.
Global equities plummeted late on Tuesday after U.S. President Donald Trump said a deal with China might have to wait until after the 2020 U.S. presidential election, while tariffs on Argentina and Brazil, as well as possible duties on French goods, added to investor concerns.
"In no time at all, the market's hopes that the trade conflict might be solved soon are being dashed," Commerzbank FX analyst Antje Praefcke wrote in a note. "(Trump) is throwing oil on the fire of market uncertainty."
An index of emerging market stocks dropped as much as 0.6% to its weakest level since late-October. Chinese equity markets , the biggest constituents of the index, ended lower for the day.
Hong Kong stocks closed near a two-month low after data showed the economic zone's business activity shrinking at its fastest pace in 21 years in November.
A basket of emerging market currencies eased to its lowest level since mid-October, with the Chinese yuan hitting a low of over one month to the dollar.
U.S. services sector data for November, expected later in the day, could potentially further undercut the dollar following soft manufacturing data earlier in the week. Recent weakness in the U.S. dollar has somewhat alleviated pressure on emerging market currencies.
The Indian rupee weakened slightly, as a private survey showed better-than-expected services sector growth in November.
South Africa's rand inched up a day after easing on weak GDP data. Fresh data on Wednesday showed manufacturing activity in the country contracted in November from a month earlier.
The Hungarian forint and the Polish zloty moved in a flat-to-low range to the euro.
For GRAPHIC on emerging market FX performance 2019, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance 2019, see https://tmsnrt.rs/2OusNdX
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For RUSSIAN market report, see (Reporting by Ambar Warrick in Bengaluru Editing by Alexandra Hudson)