Global stocks slide on dim recovery outlook

By Herbert Lash

NEW YORK (Reuters) - Global stocks were weaker on Tuesday as U.S. housing data reinforced the view of a sluggish recovery, while the U.S. dollar fell on speculation the Federal Reserve may lessen expectations of an interest rate rise.

Oil prices rebounded as the dollar weakened and disruptions from Nigeria, a member of the Organization of the Petroleum Exporting Countries, stoked supply concerns.

The dollar's losses supported commodities denominated in the greenback, pushing up the benchmark Reuters-Jefferies CRB Index of 19 commodity futures .CRB 0.72 percent.

U.S. Treasury debt prices rose, shrugging off a record $104 billion in U.S. debt issuance this week as investors await what Fed policy-makers say after a two-day meeting ends Wednesday.

Euro zone government bond futures were little changed as investors also awaited the results of a European Central Bank tender of one-year funds.

The euro jumped more than 1 percent to trade well above $1.40.

With no move on rates expected, investors will focus on the Fed's statement for clues about the economic outlook and its debt-buying program.

"There is (some) concern about the Fed," said David Watt, senior currency strategist at RBC Capital Markets in Toronto.