GLOBAL MARKETS-Stocks, dollar ease as soft U.S. economic data

                                
 * Global stocks pare losses as fears of double dip ease
                                
 * Dollar hits 8-month low vs yen after GDP data
                                
 * Bonds rise on slightly weaker-than-forecast U.S. GDP
                                
 * Oil rebounds on dollar weakness, commodities soar
 (Adds close of U.S. markets)
                                
 By Herbert Lash
                                
 NEW YORK, July 30 (Reuters) - Global stocks and the U.S.
dollar slid on Friday as investors trimmed risk exposure on
data showing the U.S. economy slowing a bit more than expected
even as other news suggested a slow, steady recovery.
                                
 The dollar hit its lowest since November against the
Japanese yen as data showing U.S. gross domestic product slowed
in the second quarter reinforced expectations for low U.S.
interest rates well into next year. For details see:
[ID:nN30213194]
                                
 The dollar's weakness helped crude oil to rebound and drive
strong rallies in wheat and sugar, which lifted the
Reuters-Jefferies CRB index <.CRB>, a global commodities
benchmark, to its biggest monthly gain in July in 14 months.
[ID:nN30206005]
                                
 The U.S. Commerce Department said GDP expanded at a 2.4
percent annual rate in the second quarter, less than the 2.5
percent pace analysts polled by Reuters had expected.
                                
 But European stocks recovered from a sharp fall to close
only slightly lower and U.S. stocks pared losses on separate,
mixed signals from U.S. data to close flat. [ID:nLDE66T1LY]
[ID:nN30181238]
                                
 A jump in the Chicago Purchasing Managers Index to 62.3 in
July suggested a slow but steady economic recovery was spurring
buying. Analysts expected a reading of 56.5.
                                
 A separate report showed consumer sentiment slumped to an
8-month low, emblematic of a fragile economy.
                                
 Global stocks as measured by MSCI's all-country world index
<.MIWD00000PUS> and its emerging market index <.MSCIEF> both
pared losses to fall about 0.2 percent.
                                
 Wall Street closed little changed to wrap up its best month
in a year after another week of strong corporate results that
offset the impact of lackluster economic data.
                                
 The 7 percent gain in July for the S&P 500 and Dow was on
low volume and followed an almost 14 percent decline through
May and June.
                                
 The Dow Jones industrial average <.DJI> closed down 1.22
points, or 0.01 percent, at 10,465.94. The Standard & Poor's
500 Index <.SPX> gained 0.07 point, or 0.01 percent, at
1,101.60. The Nasdaq Composite Index <.IXIC> rose 3.01 points,
or 0.13 percent, to 2,254.70.
                                
 "The market kind of stalled up the last couple of days,"
said Nick Kalivas, an analyst MF Global. "On the surface
earnings numbers have been pretty strong but underneath there
was a loss of momentum," he said.
                                
 The dollar fell 2.2 percent against the yen <JPY=> in July,
the third straight month of declines, while the euro rose 6.7
percent <EUR=> against the dollar, its best month since May
2009.
                                
 "It's going to be very difficult for a (dollar) rally and
people are going to get more risk averse. You could see euro go
below $1.30 and the dollar fall below 86 yen," said Boris
Schlossberg, director of FX research at GFT Forex in New York.
                                
 Copper led industrial commodities in July with a gain of
12.4 percent, its biggest in a year.
                                
 Money managers more than doubled their long, or bullish
exposure, in U.S. copper futures this week as prices hit peaks
last seen in May, trade data released on Friday showed.
                                
 Gold lost about 5 percent in July, its biggest monthly loss
since December, as safe-haven demand fizzled on lessening fears
over a euro zone sovereign debt crisis. [ID:nLDE66T0UX]
                                
 U.S. gold futures for December delivery <GCZ0> settled up
$12.70, or 1.1 percent, at $1,183.90 on Friday.
                                
 Oil rebounded from losses that pushed benchmark crude below
$77 a barrel.
                                
 U.S. crude for September <CLc1> delivery rose 59 cents to
settle at $78.95 a barrel. ICE Brent also rose 59 cents to
settle at $78.18 a barrel.
                                
 U.S. Treasuries rose on growing expectations for more
accommodative monetary policy, with the benchmark 10-year note
yield falling within roughly two basis points of a 15-month low
and the two-year yield setting a new record low.
                                
 Bond prices move inversely to their yield.
                                
 The 2-year Treasury note <US2YT=RR> fell to a record low of
0.559 percent. The benchmark 10-year U.S. Treasury note
<US10YT=RR> was up 21/32 in price to yield 2.91 percent.
 (To read Reuters' Global Investing Blog, double-click on
http://blogs.reuters.com/globalinvesting; for the MacroScope
Blog, double-click on http://blogs.reuters.com/macroscope; for
Hedge Fund Blog, double-click on
http://blogs.reuters.com/hedgehub)
 (Reporting by Matthew Lynley, Vivianne Rodrigues, Robert
Gibbons and Ellen Freilich in New York; Brian Gorman, Ian Chua
and Jan Harvey in London; Writing by Herbert Lash; Editing by
Andrew Hay and Dan Grebler)