* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh
By Ritvik Carvalho
LONDON, Sept 6 (Reuters) - World shares fell for a fifth straight day on Thursday as investors braced for another escalation in a trade war between the United States and China, while emerging-market currencies paused near 15-month lows.
The MSCI All-Country World Index .MIWD00000PUS , which tracks shares in 47 countries, was down 0.1 percent. Stocks in Europe opened lower, with the pan-European STOXX 600 .STOXX index losing 0.1 percent. .EU
Wall Street was set to open lower. ESc1 NQc1 .N
The main worry for investors was the end of a public consultation period on Thursday for U.S. President Donald Trump's plan to impose tariffs on an additional $200 billion of Chinese goods said on Wednesday trade talks with China would continue but the United States was not yet ready to come to an agreement summary, I think equity investors are too cautious, which is surprising because the U.S. market is hitting all-time highs," said Eddie Perkin, chief equity investment officer at Eaton Vance.
"People are too worried about trade wars, so I am inclined to add a bit of risk in export-oriented industrial companies and emerging market equities."
Earlier in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped more than 1 percent to a one-year trough of 515.24 points. It was last down 0.7 percent.
Japan's Nikkei .N225 slipped 0.4 percent and Australian shares .AXJO dropped 1.1 percent. China's blue-chip index .CSI300 fell 1.1 percent, Hong Kong's Hang Seng index .HSI 1 percent.
Further weighing on sentiment, data out earlier showed German industrial orders fell unexpectedly in July, another sign that factories in Europe's largest economy are feeling the bite of protectionist trade politics.
Investors are also watching for developments as the United States and Canada resume talks about revamping the North American Free Trade Agreement. Canada insisted there was room to salvage the pact despite few signs a deal was imminent dollar, considered a safe haven at times of turmoil because of its status as the world's reserve currency, has generally benefited from the trade conflicts. It has gained 8 percent since the end of March, with currencies in emerging markets taking a hammering.
But measured against a basket of currencies, the dollar .DXY retreated from the two-week highs it reached earlier this week to stand 0.1 percent lower at 95.09.
The euro was a tad stronger at $1.1628 EUR=D4 .
Sterling GBP= held on to gains made on Wednesday as investors positioned for a favourable Brexit outcome GBP/ . It was last up 0.1 percent at $1.2920.
Emerging markets have been hit by the financial crises in Argentina and Turkey. In Indonesia, the central bank has had to intervene several times in recent weeks to stem the rupiah's slide.
Indonesia's benchmark stock index .JKSE was last up nearly 1.6 percent while the rupiah also gained a tad.
MSCI's index of emerging market currencies .MIEM00000CUS , which had earlier paused near 15-month lows, was up 0.1 percent on the day after two straight days of heavy declines.
But analysts warned of further losses because investors were no longer looking at Argentina, Turkey and South Africa as isolated cases. They were fretting over the impact of rising U.S. inflation and interest rates on heavily indebted economies.
"As global monetary conditions slowly tighten, the global economic cycle rolls over and the U.S. President disturbs the global trade cycle, there's definitely more to the EM sell-off than a few unrelated spots of weakness," wrote strategists at Societe Generale (PA:SOGN) in a note to clients.
The emerging market equity index .MSCIEF has been crunched in the past month or so, falling for six consecutive sessions and down more than 3 percent this week.
A range of factors have hit the stocks: policy tightening by the U.S. Federal Reserve, the crises in Turkey and Argentina, the Sino-U.S. trade war and broader concerns about China's economy.
In commodities, oil prices rose, encouraged by a weaker dollar and evidence of strong U.S. fuel demand. U.S. crude CLcv1 rose 0.1 percent to $68.79 a barrel. Brent LCOcv1 was last up 0.3 percent at $77.50. O/R
Gold was stronger with spot gold XAU= up 0.8 percent at $1,205.87 an ounce.