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Asian shares set for third losing week on China woes, US rates

News Snapshot:

Asian shares were headed for their third straight week of losses on Friday, hammered by concerns about China's ailing economy and fears of U.S. rates staying higher for longer after a run of strong data sent long-term Treasury yields surging. Europe is likely to open lower as well, with EUROSTOXX 50 futures easing 0.3%. S&P 500 futures and Nasdaq futures fell 0.1% and 0.2%, respectively. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6% to just a whisker above a nine-month low hit the previous day. That brought the total loss for the week to 3.4% and…

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