GLOBAL MARKETS-Rally fatigue saps stocks but Goldman provides hope

* Crude slips after dropping over 1 pct on supply glut fears

* Europe falls 1 percent after German, UK and ECB data

* Yuan steady a day after breaking under key level

* Wall Street set for subdued open, Goldman profits leap 78 pct

LONDON, July 19 (Reuters) - World shares dipped for only the second time in nine days on Tuesday, sapped by a drop in oil prices and data that showed Britain's vote to quit the European Union has done some serious damage to German economic confidence.

European stocks fell 1 percent as a slide back below $47 a barrel for oil sent commodity firms down 1.5 percent.

Investors winced as the closely followed ZEW German sentiment indicator plunged to its lowest level since late 2012 in its first post-Brexit reading.

Wall Street, which is in the thick of the second-quarter earnings season, was expected to ease back from Monday's latest record high when it reopens. Housing market data is in focus although a leap of nearly 80 percent in Goldman Sachs (NYSE: GS-PB - news) ' quarterly profit is likely to hog the spotlight.

The IMF is also due to update its World Economic Outlook in Washington later, which will set the tone for a meeting of the world's top 20 economies (G20) in China later in the week.

Rally fatigue had already set in overnight in Asia where, with the exception of Tokyo, stocks had failed to build on Wall Street's record grind higher.

The safe-haven yen, government bonds and gold had also begun to make ground again, against background murmurings of more central bank stimulus.

Turkey's central bank cut its interest rates for a fifth straight month, sending the lira a shade lower as the dust continued to settle after Friday's failed coup attempt.

The Australian dollar fell 1 percent to a 11-day low and the New Zealand dollar hit a three-week trough of $0.7014, as investors ramped up bets that both their central banks could cut interest rates too.

Australian central bank meeting minutes left the door open for a move in August, while New Zealand's Reserve Bank took steps to cool its red hot housing market, a move traders suspected could then give it the necessary cover to chop rates.

"The Aussie and Kiwi dollar are providing a bit of interest but the rest of the market is pretty moribund," said Saxo Bank head of FX strategy John Hardy, adding investors were now waiting for clearer signals on the health of the global economy.

Ahead of the weekend G20 meeting, the yuan nudged back up, having been allowed to drop below the psychologically important 6.7 per dollar for the first time in over five years on Monday. nL4N1A51A5]

Sterling, one of the biggest FX market movers in recent weeks, barely budged meanwhile after British inflation rose more than expected in June thanks to a surge in airfares. Prices are expected to continue to rise follow the post-Brexit slump in the pound.

(For Reuters new Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets)

CRUDE MOVES

Pressure remained on crude oil prices after a number of heavy falls over the last month, as rising stockpiles of crude and refined fuel intensified fears of another major supply glut.

Brent crude was 0.2 percent lower at $46.86 a barrel, after shedding 1.4 percent the previous session. U.S (Other OTC: UBGXF - news) . crude was also down 0.2 percent at $45.16, after dropping 1.6 percent overnight.

"Traders and investors are torn which way prices are going to break. It's a knife edge between optimism and pessimism," said Ben Le Brun, market analyst at Sydney's OptionsExpress.

In bond markets, benchmark U.S. Treasury and German Bund yields, which move inversely to prices, were easing again as the appetite for more rewarding but riskier assets like stocks faded.

Investors are waiting to see what signals the stimulus-happy European Central Bank sends at a meeting on Thursday. Morgan Stanley meanwhile predicted Treasury yields will be back at record lows again by the end of the year.

Bucking the wider trend among the big bourses, Japan's Nikkei ended up 1.4 percent as it played catch-up to stimulus speculation after a public holiday on Monday.

Sources told Reuters that Japanese policymakers will not go as far as funding government spending through direct debt monetisation, but might pursue a mix of aggressive fiscal and monetary expansion to try and lift the economy.

The dollar was on the climb again ahead of U.S. trading. It hit a four-month high against a basket of six other major currencies as it squeezed up to 106.09 yen and $1.3138 per pound after a mostly subdued morning

The euro in contrast was firmer against the dollar at $1.1028. Ahead of the ECB's meeting on Thursday it published lending data on Tuesday showed credit demand is expected to continue to creep up. (Reporting by Marc Jones; Editing by Mark Trevelyan)