Australia shares end 3rd day down on profit jitters

  MELBOURNE, June 2 (Reuters) - Australian stocks slipped for a third day on Wednesday, surrendering 0.7 percent as energy firms weakened and the latest company profit warning raised fears about the upcoming reporting season. Underlining the risk to earnings, Insurance Australia Group IAG.AX slashed forecasts for the third time in three months, becoming the third major firm in a week to warn about earnings following Downer EDI DOW.AX and Virgin Blue VBA.AX.  

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