UPDATE 3-Hyundai Q2 net shrinks, car sales dip at home


(Adds US, China sales, fund manager quotes, share close) By Kim Kyoung-wha SEOUL, July 29 (Reuters) - Hyundai Motor Co. , South Korea's top auto maker, reported an 11 percent drop in second-quarter profits on Thursday, hit by slow domestic sales and higher steel prices, but the fall was less than expected. While domestic sales, hit by consumer debt and high oil prices, look set for a modest recovery, Hyundai's outlook is clouded by ballooning labour costs and slowing growth in China. ...

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