CORRECTED - CORRECTED-RPT-GLOBAL MARKETS-Asian shares, oil hit as grim news

(Corrects to delete reference in paragraph 14 to Indian stock market, which was closed on Thursday)

* Asian shares fall for 3rd day to lowest since Oct. 30

* Japan's Nikkei down 5.3 pct; Australia hits 4-yr low

* Oil hits 22-month low of $55 a barrel; OPEC ponders cut

* China's stocks up on fiscal spending, monetary easing talk (Adds European outlook, updates prices)

By Rafael Nam

HONG KONG, Nov 13 (Reuters) - Asian shares fell on Thursday to their lowest this month on uncertainty about the U.S. Treasury's banking rescue plan and signs the global financial crisis biting deeper in Asia.

Japan's Mizuho Financial Group (8411.T) said it plans to raise fresh capital, while Commonwealth Bank of Australia (CBA.AX) warned it expected a big jump in bad loans. [ID:nSP382979]

The announcements came on a bleak day that also included data showing China's industrial output slumped to a seven-year low, and follows a revenue warning from Intel Corp (INTC.O) and a dismal forecast from U.S. electronics retailer Best Buy (BBY.N).

European shares were set to tumble as well, with Britain's FTSE 100 .FTSE seen down as much as 2.2 percent.

Deepening gloom about the global economy led crude prices to hit a 22-month low of $55 a barrel. 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."

BAILOUT UNCERTAINTY

The MSCI index of Asian stocks outside Japan .MIAPJ0000PUS dropped 5.4 percent as of 0620 GMT after at one point hitting its lowest level since Oct. 30.