* Asian shares fall for 3rd day to lowest since Oct. 30
* Japan's Nikkei down 5 pct; other stock markets tumble
* Yen eases from prior day rally on profit-taking
* Oil, metals slide on global demand worries
(Repeats to more subscribers)
By Rafael Nam
HONG KONG, Nov 13 (Reuters) - Asian shares sank on Thursday
to their lowest this month on uncertainty about whether the
United States can succeed in its massive banking rescue and a
revenue warning from Intel Corp.
The Japanese yen retreated against the euro and the dollar
after soaring on Wednesday on a flight-to-quality. Other Asian
currencies fell, while Australia's central bank stepped in to
support its tumbling Australian dollar.[]
Evaporating confidence in the global economy boosted
regional bonds, while knocking down oil and metals such as
platinum.
"It's pretty much weakness across the board," said Yutaka
Miura, senior technical analyst for Shinko Securities in Japan.
"There is a renewed recognition of the weakness in the
economy and corporate earnings," Miura said.
Asian shares followed Wall Street lower after the U.S.
Treasury on Wednesday backed away from using a $700 billion
bailout fund to cleanse bank balance sheets of bad mortgage
debt to focus on buying stakes in U.S. banks. []
and []
The shift in focus not only created uncertainty, but came
as Europe reported more gloomy economic news, heightening fears
of a global recession.
News that Intel Corp <INTC.O> slashed its fourth-quarter
revenue forecast, citing weak demand across the world for all
its products [], added to the worries.
The MSCI index of Asian stocks outside Japan
<.MIAPJ0000PUS> fell more than 4.5 percent to its lowest level
since Oct. 30.
Japan's Nikkei average <> dropped 5 percent, with
exporters such as Honda Motor <7267.T> hit amid concerns about
the impact from a stronger yen.
Other stock markets were also battered: South Korea
<>, Australia <>, Hong Kong <> and Taiwan <>
tumbled more than 4 percent each, and Shanghai <> fell
about 1 percent.
AUSSIE DOLLAR RESCUE
The U.S. dollar edged up to around 95.57 yen <JPY=>, as
investors took profits on the yen's strong gains the previous
session.
The euro also rebounded, rising to 119.15 yen <EURJPY=R>,
up 0.3 percent from late U.S. trade, after briefly falling as
low as 117.65 yen on trading platform EBS earlier in Asian
trade.
Traders said thin liquidity in the market was exaggerating
price movements.
Other Asian and Pacific currencies fared worse. The
battered Australian dollar edged up to $0.6410 <AUD=> after the
central bank said it had intervened to support a sliding
currency that fell to $0.6347 on Wednesday -- its lowest in two
weeks.
Regional government bonds gained from the volatility
elsewhere, with Japan's December 10-year JGB futures <2JGBv1>
up 0.45 point to 138.54, after climbing as high as 138.79.
Commodities dropped amid concern that sputtering economic
growth would curb demand for everything from oil to grain and
on widespread risk aversion.
U.S. crude futures fell 72 cents to $55.45, while platinum
<XPT=> sank to $785.00 from its New York notional close of
$810.
(Editing by Dhara Ranasinghe)
