UPDATE 4-Nokia sees weaker markets in Q4, 2009

* Sees 2009 handset market volume down 5 pct or more

* Q4 market weaker than previously expected

* Says recent impact more pronounced in emerging markets

* Sees 2009 broader equipment market also down 5 pct or more (Adds company quotes, details, updates shares)

By Tarmo Virk and Sinead Carew

HELSINKI/NEW YORK, Dec 4 (Reuters) - Sales of mobile phones will shrink faster than expected as consumers are cutting spending, the world's top cellphone maker Nokia (NOK1V.HE) said on Thursday in its second warning in three weeks.

"Consumers are continuing dramatically to cut back their spending," Nokia Chief Financial Officer Rick Simonson said at investor day. "We're facing it across the world. What's recently accelerated is the slowdown in emerging markets."

Nokia said handset market volumes would fall by at least 5 percent next year, something many analysts were already expecting, but saw its market share rising, helping to lift its stock 4 percent to 11.02 euros.

Nokia said it expects its key devices and services unit operating profit margin to reach 13-19 percent next year.  Continued...