* Shares fall across EM
* South African Q1 GDP awaited
* S.Korean won weakens after downward revision of Q1 GDP down
By Susan Mathew
June 4 (Reuters) - Emerging market shares fell on Tuesday as a weak performance on Wall Street overnight, a slew of disappointing manufacturing data from across the globe and an intensifying trade dispute between United States and China curbed risk appetite.
As investors jettisoned risky assets, MSCI's index of emerging market shares slipped 0.5%, declining for the first time in three days weighed down by significant losses across the board.
"Its more the whole sentiment," said Morten Lund, an analyst at Nordea Markets, citing the decline in leading U.S. stocks on Monday, poor U.S. manufacturing data that followed some similar data from Europe and Asia, and the ongoing China-U.S. trade war as reasons.
Asian currencies failed to capitalize on the dollar weakness purred by a slide in U.S. Treasury yields after St. Louis Federal Reserve President James Bullard said a rate cut "may be warranted soon".
Noredea Markets' Lund cited the weakness to overall risk aversion. The Chinese yuan weakened 0.15% and most other Asian units followed.
South Korea's won slipped 0.4% after data showed that the economy shrank more than initially estimated in the first quarter, while core inflation slowed to a near 20-year low in May.
South Korean stocks managed to stay little changed amid significant declines by other Asian bourses. The data added to the case for the central bank to cut interest rates.
South Africa's rand firmed ahead of first quarter economic growth data to be released later in the day, with many analysts predicting a contraction.
On Monday the International Monetary Fund also warned about risks to growth, citing troubled state power utility Eskom as the main threat to the reforms promised by recently re-elected President Cyril Ramaphosa.
Poland's zloty stayed steady against the euro after inflation data for May came in slightly below expectations ahead of a central bank interest rate meeting on Wednesday.
"Markets are not pricing in any hikes over next two years, which we think is too dovish given the continued strong growth in the Polish economy and still solid wage pressures," wrote Vladimir Miklashevsky, a senior economist at Danske Bank in a note.
Hungary's forint hit an one month high, extending Monday's gains logged on strong manufacturing numbers for May.
The Turkish lira was little changed in thin trading with local stock markets closed for Ramadan holidays. Turkey stocks will reopen for trade on Friday, June 7.
For TOP NEWS across emerging markets
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see (Reporting by Susan Mathew in Bengaluru and Mfuneko Toyana in Johannesburg; Editing by Angus MacSwan)