Nikkei dips 0.1 pct, hurt by global economy jitters

*Nikkei falls 0.1 percent to a one-month closing low

*Exporters slide on a bleak global economic outlook

*Trading houses gain after a surge in China stocks (Adds details)

By Aiko Hayashi

TOKYO, Aug 20 (Reuters) - The Nikkei average dipped 0.1 percent on Wednesday, with Toyota Motor (7203.T: Quote, Profile, Research, Stock Buzz) and other exporters sliding on a bleak outlook for the global economy, while bank shares fell on worries about the U.S. financial system.

But a surge in Chinese stocks on hopes for a government stimulus package sparked buying of stocks linked to demand from emerging economies such as trading house Mitsubishi Corp (8058.T: Quote, Profile, Research, Stock Buzz), briefly helping the Nikkei into positive territory.

"The short covering that we saw earlier doesn't mean we will be seeing a large rebound in the market," said Zenshiro Mizuno, senior managing director of the equity trading division at Marusan Securities.

"Financial worries haven't been solved and they continue to exist."

The benchmark Nikkei .N225 shed 13.36 points to end at 12,851.69, the lowest close since July 18.

The broader Topix .TOPX edged down 0.2 percent to 1,233.37.

Worries about the overall global economy weighed on exporters and especially automakers, which are suffering from falling demand in the European and U.S. markets, said Soichiro Monji, strategist at Daiwa SB Investments.

Toyota shed 1.8 percent to 4,830 yen and Canon Inc (7751.T: Quote, Profile, Research, Stock Buzz) lost 2 percent to 5,040 yen, the top drag on the Nikkei 225.

Most banks shares were weak after U.S. stocks fell for a second straight session on Tuesday on fears that U.S. home finance firms Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) may need a government bailout.

Top lender Mitsubishi UFJ Financial Group (8306.T: Quote, Profile, Research, Stock Buzz) fell 1.5 percent to 817 yen, while Sumitomo Mitsui Financial Group (8316.T: Quote, Profile, Research, Stock Buzz), the third-biggest bank, slid 1 percent to 675,000 yen.

But No.2 Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) added 0.2 percent to 468,000 yen.

Mitsui O.S.K. Lines (9104.T: Quote, Profile, Research, Stock Buzz) and other shippers also weighed on the market after the Baltic Exchange's chief sea freight index .BADI fell 1 percent on Tuesday, its first decline in five days.  Continued...