Global stocks, euro fall on German debt crisis comments

NEW YORK, Oct 17 (Reuters): Global stocks wavered and the euro fell on Monday after Germany dashed expectations of a breakthrough to the euro zone debt crisis at a highly anticipated weekend summit of the European Union. While German Finance Minister Wolfgang Schaeuble said European governments would adopt a five-point platform to address the two-year-old crisis, he said a definitive solution would not be reached at the summit. The remarks took the wind out of recent optimism that led global stocks to rally more than 10 percent in just nine days and pushed benchmark 10-year US Treasury debt yields to post their best three-week advance since late December. European shares retreated, crude oil extended losses and Wall Street opened lower. The euro fell from a one-month high against the US dollar, sliding 0.8 percent to $1.3787. "There's nothing but uncertainty in Europe," said David Ader, head of government bond strategy at CRT Capital in Stamford, Connecticut. "This weekend and today is the perfect example. October 23 seems to be the deadline for a plan for Europe, but the Germans are balking." MSCI's all-country world equity index fell 0.1 percent and the pan-European FTSEurofirst 300 index of top shares fell 0.4 percent at 971.98 points. On Wall Street, the Dow Jones industrial average was down 57.60 points, or 0.49 percent, at 11,586.89. The Standard & Poor's 500 Index was down 6.71 points, or 0.55 percent, at 1,217.87. The Nasdaq Composite Index was down 12.99 points, or 0.49 percent, at 2,654.86. Government debt rose, with 10-year US Treasuries gaining 1032 in price to yield at 2.22 percent. Brent crude fell $1.18 to $111.05 a barrel, reversing earlier gains. US crude was down 78 cents at $86.02.