UPDATE 4-Thomson Reuters rev falls, CEO says worst over

* Adjusted Q3 EPS 43 cents, beats Street view 40 cents

* Rev from ongoing business $3.21 bln vs view $3.23 bln

* Markets revenue down 4 pct, legal revenue down 1 pct

* Affirms 2009 outlook, CEO says "past the nadir"

* Shares down 0.7 pct in New York, 1 pct in Toronto (Adds CEO comment, share activity)

By Robert MacMillan

NEW YORK, Nov 5 (Reuters) - Thomson Reuters Corp (TRI.TO) (TRI.N) reported that quarterly revenue in its markets and legal businesses fell as customers cut costs in the wake of the financial crisis, but its CEO said the worst was over.

The news and financial data publisher, whose shares fell about 1 percent, said on Thursday that third-quarter profit beat Wall Street estimates, helped by foreign currency rates and cost savings.

"We think our markets are improving and our results in the business in the third quarter were better than the second, and we think that's a trend that continues," Chief Executive Thomas Glocer said on a call with reporters. "We are past the nadir."