GLOBAL MARKETS-Stocks and euro pressured by German data, U.S. results

* Wall Street ends lower; MSCI (NYSE: MSCI - news) world index also down

* Downbeat German Ifo survey weighs on euro, European shares

* Amazon.com (NasdaqGS: AMZN - news) , Visa (Xetra: A0NC7B - news) down after disappointing results

(Updates with U.S. market closing levels)

By Caroline Valetkevitch

NEW YORK, July 25 (Reuters) - Some disappointing U.S.

earnings, including Amazon.com, and weak German

economic data pressured world stock markets on Friday, while the

euro hit an eight-month low against the U.S. dollar.

Amazon was the biggest drag on the S&P 500. Its shares sank

9.6 percent to $324.01 a day after the online retailer reported

an unexpectedly big loss for the second quarter. Visa's

results also disappointed and its shares ended down 3.6 percent

at $214.77.

"The earnings season overall has been in line but when

companies with rich valuations disappoint, you're going to get

crucified," said Lawrence Glazer, managing partner at Mayflower

Advisors in Boston.

Signs emerged that tensions between the West and Russia are

starting to hurt confidence in Germany, Europe's largest economy

and the driver of its recovery. Germany's Ifo survey showed a

hefty fall in business confidence over the last few weeks,

prompting concerns Germany could be stuttering.

MSCI's All-World Index was down 0.4 percent,

and European stocks ended 0.7 percent lower.

The Dow Jones industrial average fell 123.23 points

or 0.72 percent, to 16,960.57. The S&P 500 lost 9.64

points or 0.48 percent, to 1,978.34, after closing at record

highs for two straight days.

The Nasdaq Composite dropped 22.54 points or 0.5

percent, to 4,449.56.

Goldman Sachs (NYSE: GS-PB - news) downgraded its global allocation to

equities to neutral on a short-term basis although the brokerage

remained overweight stocks for the longer term.

Equity markets worldwide have rallied steadily through the

year, with the MSCI All-World Index hitting a record high in

early July. By region, Goldman is overweight in Europe and Japan

and underweight in the United States.

The euro was last down 0.27 percent against the dollar at

$1.3429 after falling to an eight-month low of $1.3421 on

the weak German business data.

"U.S. data has been good or better than expected, whereas

European data continues to point to a slowdown," said Boris

Schlossberg, managing director in FX strategy at BK Asset

Management in New York.

European officials are to continue talks over plans to

squeeze Russia with further sanctions following the downing of a

Malaysia Airlines plane that killed almost 300 people.

Dollar-traded Russian stocks fell 1.6 percent.

Russian bonds also fell as the country's central bank

unexpectedly raised interest rates.

U.S. Treasuries prices jumped, with 10-year Treasuries

up 11/32 to yield 2.469 percent.

Gold (Other OTC: GDCWF - news) edged up as speculators bought back bearish bets

ahead of the weekend. U.S. COMEX gold futures for August

delivery settled up $12.50 at $1,303.30 an ounce.

Brent oil prices climbed as deteriorating relations between

Russia and the United States fanned concerns about supply

disruptions. Brent crude rose $1.32 to settle at $108.39

a barrel while U.S. crude gained 2 cents to settle at

$102.09.

(Additional reporting by Ryan Vlastelica and Sam Forgione in

New York, Marc Jones in London and Lisa Twaronite in Tokyo;

Editing by Nick Zieminski, Leslie Adler and James Dalgleish)