* Global stocks slip on U.S. stimulus delays
* Europe shares down 0.8 pct, Japan drops 0.3 pct
* Euro weak versus dollar and yen
* Wall Street set to lose at start
By Jeremy Gaunt, European Investment Correspondent
LONDON, Feb 10 (Reuters) - World stocks fell after five days
of gains on Tuesday and Wall Street looked set for losses as
investors fretted over U.S. plans to boost the economy and save
its banks.
The euro also wobbled after Russia denied seeking to
restructure as much as $400 billion in companies' foreign debts
after a Japanese newspaper said a local banking lobby group had
asked the government to help negotiate with creditors.
U.S. President Barack Obama has been taking his case
directly to the public to push Congress to act in the coming
week on an $838 billion economic stimulus package.
The U.S. Senate has moved closer to passing the bill,
setting up a vote on it version of the package on Tuesday.
But delays in fashioning compromise legislation, a mix of
government spending and tax breaks, could prevent Congress from
delivering a final bill to Obama by his deadline this weekend.
Questions were also being asked about the future of a U.S.
bailout plan for banks.
U.S. Treasury Secretary Timothy Geithner will later lay out
a revised rescue plan that is expected to rely on public and
private funds to take $500 billion of bad assets off banks'
books.
In remarks prepared for delivery later, Geithner pledged
banks will go through "a carefully designed comprehensive stress
test" in future to make sure their balance sheets are clean and
they meet requirements for capital.
The uncertainty about the two plans nonethless weighed on
stocks, with MSCI's main index of global equities falling 0.5
percent. It gained more than 5 percent over the previous five
sessions.
The FTSEurofirst 30 <> lost 0.9 percent, off its lows
but also stirred by mixed reaction to a roughly $7 billion net
fourth quarter loss from UBS <UBSN.VX>.
Earlier, Japan's Nikkei stock average <> slipped 0.3
percent or 23.09 points to close at 7,945.94. The broader Topix
<> fell 0.1 percent to end at 778.10.
RUSSIA WORRY
The euro fell against the dollar and yen but trimmed some
losses after Russia denied a media report that Russian banks
will ask Moscow to help them restructure its corporate debt
owned to foreign creditors.
But investors were wary of taking large positions ahead of
the bank plan.
The euro was down 0.3 percent at $1.2965, after falling to
$1.2811 <EUR=>, according to Reuters data. Against the yen, the
euro fell 0.8 percent to 118.11 yen <EURJPY=R>.
Euro zone government bonds rose as equities fell.
Two-year Schatz yields <EU2YT=RR> slipped 2 basis points on
the day to 1.431 percent, while 10-year Bunds yielded
<EU10YT=RR> 3.359 percent, down 5 basis points.
These moves saw the 2-10 year yield curve flatten slightly
to 193 basis points, off Monday's high above 200 basis points --
the steepest since the introduction of the euro in 1999.
(Additional reporting by Elaine Lies)
(To read Reuters Global Investing Blog click on
http://blogs.reuters.com/globalinvesting; for the MacroScope
Blog click on http://blogs.reuters.com/macroscope; for Hedge
Fund Blog click on http://blogs.reuters.com/hedgehub)
(editing by Mike Peacock/Victoria Main)
