EMERGING MARKETS-Global growth slowdown fears grip emerging stocks

* China stocks fall on disappointing producer prices

* S.African rand set for 3 percent weekly loss

* Russia's rouble steadies after sanction threat

By Susan Mathew

Feb 15 (Reuters) - Emerging market shares fell heavily on Friday as risk sentiment took a hit after dismal China and U.S. data reiterated global growth slowdown fears, adding to geopolitical and trade worries.

Shares (Berlin: DI6.BE - news) across Asia were well in the red, with mainland China stocks posting their worst day since early to mid-December as China's January producer prices slowed for the seventh straight month, spurring worries of deflation.

"The more concerning figure is the producer price numbers which is sometimes correlated with the Chinese profit numbers," said Rob Carnell, Chief Economist & Head of Research, Asia-Pacific, ING.

This came after weak retail sales in the United States overnight, and U.S. trade negotiator Larry Kudlow saying no decision to extend the March 1 deadline to strike a trade deal with China had been made yet.

U.S. tariffs on $200 billion worth of imports from China are scheduled to rise to 25 percent from 10 percent if the two sides cannot reach a deal by the deadline.

"We've been running on a prospect of things looking much more promising...and now we still don't know what's going to happen," Carnell said.

The MSCI index of emerging market stocks fell 0.8 percent. Stocks in South Africa shed 1 percent, while those in Turkey declined 0.8 percent. Russian shares recovered after two sessions of losses.

Among currencies, India's rupee saw its biggest drop since first trading day of the year as investor sentiment took a beating on rising diplomatic tensions between the two nations.

New Delhi threatened to take away trade favored status from its neighbour after a suicide bomber killed 44 Indian paramilitary police in Kashmir. Pakistan's currency was down 0.4 percent.

In Turkey, the lira rose ahead of rating agency S&P's review of the country's sovereign credit rating. Credit Suisse (IOB: 0QP5.IL - news) analysts do not expect a change in rating from 'B+' and an outlook of stable.

Higher oil prices supported a recovery in Russia's rouble after heavy falls on Thursday following the threat of tougher than expected U.S. sanctions. Over the week, the currency was set to break a six-week winning streak.

The South African rand surged, but was set to clock weekly losses close to 3 percent - its sharpest fall since early October - as the nation's power crisis took a toll.

Among European currencies, the Czech crown rose after data showed that the economy grew faster than expected in the fourth quarter.

For GRAPHIC on emerging market FX performance 2018, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI (Frankfurt: 3HM.F - news) emerging index performance 2018, see https://tmsnrt.rs/2OusNdX

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see (Reporting by Susan Mathew and Agamoni in Bengaluru; Editing by Angus MacSwan)