GLOBAL MARKETS-Asian shares down on growth fears; yen off peaks

                                
 * Asia ex-Japan stocks down 1.4 pct, near 3-wk lows
                                
 * Dollar steadies after rebound against majors
                                
 * Japanese policymakers voice concern over yen's rally
                                
 * Nikkei bounces from 13-month low, closes at month low
                                
 By Umesh Desai
                                
 HONG KONG, Aug 12 (Reuters) - Asian stocks slid to a near
three-week low on Thursday on growing doubts about global
economic growth that also helped the dollar cling to its gains
after it scored its biggest rise in nearly two years.
                                
 The dollar climbed against all major currencies save for
the yen, which hit a 15-year high against the U.S. currency on
Wednesday, prompting Japanese policymakers to voice concern
about the currency's strength.
                                
 The verbal intervention and news that the Bank of Japan
checked dollar/yen rates with banks -- an unusual step last
taken during the yen's rally in November -- pushed the yen
lower, helping Tokyo shares pare early losses.
                                
 High yielding currencies such as the Australian and New
Zealand dollars and commodity prices also wilted following news
of a surprisingly large U.S. trade deficit and a dowgrade of
Britain's growth forecast by the Bank of England.
                                
 European markets were marginally higher in early trade with
Britain's FTSE 100 <.FTSE>, Germany's DAX <.GDAXI> 0.1 percent
and France's CAC-40 <.FCHI> all up by about 0.2 percent. But
gains were limited as banks fell on concerns about the global
recovery.
                                
 The U.S. trade gap widened 18.8 percent in June, suggesting
its second-quarter economic growth was weaker than previously
thought. The report follows the Federal Reserve's gloomier
economic outlook published earlier this week and a spate of
data from China confirming its rapid imports and factory output
growth was slowing. [ID:nN11206050]
                                
 "We could see economies relapse and double dip or struggle
through and begin to grow with private demand starting to carry
their weight," said Peter Elston, strategist at Aberdeen Asset
Management, which oversees $52 billion of Asian equities.
                                
 "It is very unclear which of those two we are going to get.
On a day like this, clearly the bears are in the driving seat."
                                
 The trade data clobbered the three major U.S. indexes,
which logged their worst percentage drops in nearly a month as
investors fled to safer assets. [.N]
                                
 The MSCI index of Asia Pacific ex-Japan stocks
<.MIAPJ0000PUS> fell 1.4 percent, led by resources
<.MIAPJMT00PUS> and energy sectors <.MIAPJEN00PUS>. It is at
its lowest since July 23 and has slid back into negative
territory for the year to date.
                                
 The flight to safety supported bids for U.S. Treasuries
with the 10-year yields at near a 16-month low. [US/]
                                
 Meanwhile, the U.S. dollar held gains against a basket of
other major currencies <.DXY> after rising nearly 2 percent at
one point overnight, well above its 200-day moving average.
                                
 It hovered above a 15-year low against the yen, trading
flat on the day at 85.30 yen <JPY=>. Overnight, the dollar hit
a 15-year low of 84.72 yen on electronic trading platform EBS.
                                
 The yen's move away from its peaks helped Japanese stocks
recoup some of earlier losses and the Nikkei average <.N225>
closed 0.9 percent down after it hit a 13-month low earlier in
the session.
                                
 Many Japanese exporters had set their currency rate
assumptions at around 90 yen per dollar for the financial year
to next March.
                                
 The yen has gained nearly 9 percent against the dollar so
far this year as investors looked to lower-risk assets, even
though Japan's economy appears far more frail than that of the
United States.
                                
 RISKY ASSETS RETREAT
                                
 The Australian dollar, which is highly influenced by global
growth expectations, struck a two-week <AUD=D4>, and the New
Zealand dollar <NZD=> was down to a three-week low. Both
recovered but were still nursing steep losses from recent
highs.
                                
 Adding to the Aussie's woes was data which showed July
unemployment rose more than expected, which lessens the risk of
wage pressures building and argues against a further rise in
interest rates any time soon. [ID:nSYU010465]
                                
 Oil slipped for a third straight day on mounting fears that
a slowdown in the global economic recovery would cut
commodities demand.
                                
 London Brent crude futures <LCOc1> fell 84 cents to $76.80
a barrel, afte5r falling as much as $1 at one point.
                                
 Gold regained strength after falling the previous day when
investors sold bullion to cover losses in equities, but a
firmer dollar was likely to cap gains.
                                
 Spot gold <XAU=> rose $2.20 to $1,199.20 an ounce, still
hovering below the closely-watched 50-day moving average.
  (Additional reporting by Elaine Lies in TOKYO; Editing by
Tomasz Janowski)