TOPWRAP 6-Grim economy data throws spotlight on crisis summit

* China inflation, trade data show domestic slowdown

* UK sales tumble, Japan exports drop

* Focus on Nov. 15 summit, EU says trade deal within reach

* Japanese and European shares drop 3 pct, Wall St to slide

(For more on the financial crisis click on [nCRISIS]

By Mike Peacock

LONDON, Nov 11 (Reuters) - Weak economic readings from China, Japan and Britain and a grim corporate outlook worldwide reinforced fears on Tuesday of a prolonged recession, prompting investors to look to a world leaders' summit for solutions.

Chinese import growth slowed in October and inflation fell to a 17-month low as domestic demand cooled, raising the likelihood Beijing will cut interest rates soon to back up the government's new economic stimulus plan. [ID:nSP418906]

In Japan, exports fell nearly 10 percent in the first 20 days of October, corporate bankruptcies jumped 13.4 percent year-on-year and sentiment in its service sector hit an all-time low, all signs the world's second biggest economy was teetering on the brink of recession. [ID:nT357522]

German analyst and investor sentiment about the outlook for Europe's largest economy improved but remained gloomy with the nation probably already in recession.

The ZEW survey, which measures the ratio of optimists to pessimists, rose but still read -53.5, reflecting a large preponderance of the latter. [ID:nLB189792]

British retail sales fell by the biggest amount in more than three years last month, and a housing industry survey showed home sales slumped to their lowest level in at least 30 years.

"These are seriously poor numbers, especially in the run-up to Christmas," Stephen Robertson, director general of the British Retail Consortium, said of the sales data. [nLAG003112]

SUMMITRY

The worst financial crisis in 80 years, prompted by huge banking losses in the U.S. housing market, has now fostered a broad economic downturn, with even fast-growing China proving not to be immune.