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Asian shares fall for third day on global growth concerns

© Reuters. A pedestrian is reflected on an electronic board showing the graph of the recent fluctuations of the Japan's Nikkei average outside a brokerage in Tokyo

By Saikat Chatterjee

HONG KONG (Reuters) - Asian shares fell for a third straight day on Wednesday as weak

manufacturing reports from China, the United States and Europe fueled worries about slowing global growth, while the safe-haven Japanese yen firmed as investors unwound carry trades.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.2 percent by late morning, taking its losses to nearly 4 percent so far this week as investors continued to dump emerging market assets.

But U.S. S&P e-mini equity futures were up 0.7 percent, suggesting that some respite for markets later in the global day after Wall Street shares fell close to 3 percent overnight.

While signs of an emerging market slowdown has been evident for a while in the form of falling commodity prices and weak trade growth, investors had been broadly sanguine on the hopes that robust demand from the U.S. and China would keep the global growth engines chugging along.

But this week's weak PMI data has dispelled such notions.