* MSCI world index falls for 5th day running

* Caterpillar earnings highlight concerns about economicpeak

* U.S. bond yields rise past 3 pct, 2011 highs next focus

* EM currencies feel heat of higher U.S. yields

* European shares fall 0.3-0.9 pct

* Turkey hikes rates, Facebook status update coming

By Marc Jones

LONDON, April 25 (Reuters) - Shares were on their way to thelongest losing streak of the year on Wednesday, as an advance inU.S. bond yields beyond 3 percent and warnings from top globalfirms about rising costs fed fears that a boom in earnings mayhave peaked.

All eyes will be on the scandal-hit social media firmFacebook FB.O later when it reports its results, though therewas plenty to keep investors occupied till then.

Falls in Asia's and then Europe's main bourses pushed the47-country MSCI world share index .MIWD00000PUS down for afifth day running to its lowest level for more than twoweeks. .EU

Tech-heavy Taiwan shares .TWII had hit two-month lows asworries about a slowdown in gadget demand spread, while oilfirms .SXEP also eased as crude prices LCOc1 came off 3-1/2year highs. O/R

Wall Street looked set to follow suit .N as the benchmarkU.S. 10-year Treasury yield continued to push above 3 percent US10YT=RR , having broken the psychologically key level onTuesday for the first time since the start of 2014. US/

It has been down to a mix of factors. A strong U.S. economyand rising commodity prices which are increasing the chance ofmore U.S. interest rate hikes, as well higher debt and improvingrelations between Washington and China and North Korea.

"The now healthier global economy justifies these higheryields," JPMorgan Asset Management's Seamus Mac Gorain said.

"We expect 10-year Treasuries (yields) to end the yearbetween 3 and 3-1/2 percent. A move beyond this level wouldlikely require an acceleration of inflation in the euro zone andJapan, which is not yet evident."

Euro zone bond yields - yields are a proxy of borrowingcosts - were dragged up in the slipstream of the U.S. movesthough Thursday's looming European Central Bank (ECB) meetingensured there was a touch of caution. GVD/EUR

Markets want to know when the ECB plans to wind down its2.55-trillion-euro stimulus programme. One of its policymakers,France's Francois Villeroy de Galhau, said on Tuesday the weakerrun of recent economic data was expected to pass. urn:newsml:reuters.com:*:nL9N1GQ072

The pan-European STOXX 600 .STOXX equity index was lastdown 0.9 percent, as worries over the rising bond yields trumpeda slew of well-received earnings updates from Kering CSGN.S as well as a flurry of takeover activity.

S&P E-mini futures ESc1 slipped 0.5 percent. Wall Streetshares had skidded on Tuesday, with the S&P 500 .SPX slumping1.34 percent, the most in two-and-a-half weeks. .N

Industrial heavyweight Caterpillar CAT.N beat earningsestimates due to strong global demand but its shares tumbled 6.2percent after management said first-quarter earnings would bethe "high water mark" for the year and warned of increasingsteel prices. urn:newsml:reuters.com:*:nL1N1S10F2

"We've seen quite a lot of companies announcingabove-estimate earnings and their shares falling sharply,"Mitsubishi UFJ Morgan Stanley Securities senior investmentstrategist Norihiro Fujito said.

Reuters data shows that analysts are now estimating bumper21.1 percent growth in the January-March quarter among U.S.S&P500 firms.

Fujito noted major financial shares such as Goldman Sachs GS.N and Citigroup C.N as well as Google parent Alphabet GOOG.N , the first major tech firm to report earnings, havefollowed a similar pattern.

"The market reaction so far feels as if we are starting tosee an end of its long rally since 2009. Investors could bethinking that the best time will be soon behind us," he said.

STATUS UPDATE

Facebook's results are due after the closing bell. Revenuesare expected to be up sharply but focus will all be on whatimpact the scandal over the misuse of tens of millions of itsusers' data has had on usage of the social media site. .N

Creeping gains in U.S. Treasury yields are also fuellingnerves that portfolio managers may move money into saferfixed-income securities at the expense of riskier assets such asstocks and emerging markets. urn:newsml:reuters.com:*:nL1N1S11D8

The 10-year U.S. Treasuries yield US10YT=RR rose to ashigh as 3.02 percent. A break above its January 2014 peak of3.041 percent could turn investors even more bearish.

Fed Funds rate futures prices 0#FF: have been constantlyfalling this month, pricing in a considerable chance of threemore rate hikes by the end of this year.

The impact is already reverberating in many emergingmarkets, with JPMorgan's emerging market bond index .JPMEPR hitting a two-month low.

Turkey's central bank took what was seen as a crucialinterest rate decision. The lira has tumbled to all-time lowsthis year, stoking inflation, and its slightly larger-than-expected 75 basis points hike to 13.5 percent kept its marketslargely in check. urn:newsml:reuters.com:*:nL8N1S24FR

In Indonesia, a market with one of the largest exposures toforeign portfolio holdings, the authorities have beenintervening heavily to put a floor under the rupiah IDR= ,which has been flirting with two-year lows.

The Indian rupee hit a 13-month low INR=IN while China'syuan CNH= CNY= eased again in line with its bond yieldsfollowing recent tweaks to its policy settings.

The dollar also continued gaining against the majorcurrencies, setting new 2-1/2-month highs of 109.21 yen JPY= and $1.2175 per euro EUR= .

Oil prices were broadly steady below the more thanthree-year highs hit in the previous session. Rising U.S. fuelinventories and production weighed on an otherwise heavilybullish market.

Brent LCOc1 fetched $74.01 a barrel, up 15 cents. WestTexas Intermediate (WTI) crude CLc1 traded flat $67.88 whilealuminium levelled off at $2,236 a tonne having been on arollercoaster run in recent weeks following U.S. sanctions onRussia's top producer of the metal, United Company Rusal 0486.HK MET/L

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^MSCI, Nikkei datastream chart http://reut.rs/2sSBRiD Global corporate earnings https://reut.rs/2FeyaIU

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Hideyuki Sano in TokyoEditing by Louise Ireland and Alexandra Hudson) ((marc.jones@thomsonreuters.com; +44 (0)207 542 9033; ReutersMessaging: marc.jones.thomsonreuters.com@reuters.net Twitter@marcjonesrtrs))

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