RPT-GLOBAL MARKETS-Asian shares, oil tumble on global worries

                                
 * Asian shares fall for 3rd day to lowest since Oct. 30
                                
 * Japan's Nikkei down 6.3 pct; other stock markets tumble
                                
 * Oil hits 22-month low of $55 a barrel; OPEC ponders cut
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 (Adds quotes, updates prices)
                                
 By Rafael Nam
                                
 HONG KONG, Nov 13 (Reuters) - Asian shares fell on Thursday
to their lowest this month on uncertainty about whether the
United States can succeed in its massive banking rescue and as
Intel Corp's revenue warning stoked corporate earnings worries.
                                
 Evaporating confidence in the global economy led crude
prices to hit a 22-month low of $55 a barrel, even after OPEC
President Chakib Khelil indicated the oil-producing cartel may
cut supply again. Metals such as platinum also dropped.
                                
 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.[ID:nNSYD366201]
                                
 "There isn't a lot of light right now," said Hiroaki
Osakabe, a fund manager at Chibagin Asset Management in Japan.
                                
 "With so many grim forecasts and the situation in
developing nations growing worse, things are tough."
                                
 The MSCI index of Asian stocks outside Japan
<.MIAPJ0000PUS> dropped 5.7 percent after at one point hitting
its lowest level since Oct. 30.
                                
 Asian shares followed Wall Street lower after the U.S.
Treasury on Wednesday backed away from using a $700 billion
bailout fund to buy bad mortgage debt from lenders to focus
instead on buying stakes in the U.S. banks themselves.
[ID:nN12393760] and [ID:nN12393760]
                                
 The shift in focus not only created uncertainty, but came
after a raft of recent gloomy economic data worldwide.
                                
 Data showed China's industrial output slumped to a
seven-year low last month as manufacturers throttled back
production in response to weakness in the domestic property
market and an unfolding slowdown in export demand.
[ID:nPEK238120]
                                
 Intel Corp's <INTC.O> cut in fourth-quarter revenue
forecast, citing weak demand across the world for all its
products [ID:nN12310791], added to the worries.
                                
 Japan's Nikkei average <.N225> dropped 6.3 percent, with
technology exporters such as Sony Corp <6758.T> hit as well by
concerns about the impact from a stronger yen.
                                
 Other markets also took a beating: South Korea <.KS11>,
Australia <.AXJO> and Hong Kong <.HSI> fell 5-6 percent each.
                                
 Taiwan <.TWII> and Singapore dropped 3-4 percent each.
However, Shanghai <.SSEC> gained 1.7 percent on hopes China's
spending plan would spur economic growth.
                                
 AUSSIE, RUPIAH SLUMP
                                
 The yen retreated from a two-week high against the euro as
short-term players locked in profits, though it still retained
its overall strength as investors remain wary of riskier
assets.
                                
 The euro rebounded sharply to 119.20 yen <EURJPY=R>, up 0.3
percent from late U.S. trade, after briefly falling as low as
117.65 yen, the lowest since Oct. 28, on trading platform EBS
in earlier Asian trade.
                                
 The dollar also recovered from the day's low of 94.53 yen
to 95.67 yen <JPY=>, up 0.7 percent on the day.
                                
 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 its sliding
currency.
                                
 The Indonesian rupiah <IDR=> fell almost 4 percent to hit
11,950 per dollar, its weakest since April 2001, following new
government restrictions on foreign exchange purchases.
[ID:nSP365561]
                                
 OIL SLUMPS
                                
 Commodity prices crumbled further on concern sputtering
economic growth would curb demand for everything from oil to
grain and on widespread risk aversion.
                                
 U.S. crude futures fell for a third consecutive day, down
63 cents to $55.53, after earlier falling to $55.03 -- the
lowest since Jan. 29, 2007.
                                
 The drop came even after OPEC President Khelil told Reuters
the organisation could cut oil supplies again, possibly by the
end of this month. Oil prices have slumped since hitting a
record of just above $147 a barrel in July. [ID:nLC667263]
                                
 "Oil prices continue to be pressured by fears that weaker
international economic growth will depress oil consumption,"
said David Moore, an analyst at the Commonwealth Bank of
Australia.
                                
 Platinum <XPT=> fell at one point to a bid of $780.00 but
rebounded to $794.00 later in the day, still well below the New
York notional close of $810.
                                
 But regional government bonds gained from the volatility
elsewhere, with Japan's December 10-year JGB futures <2JGBv1>
up 0.42 point to 138.51, after climbing as high as 138.79.
 (Editing by Anshuman Daga)