* European shares fall in early trading, euro dips back below $1.29
* MSCI Asia ex-Japan up 0.3 pct, Nikkei recovers from 3-week low
* Gold up and nears highs since mid-November
* Aussie slips as RBA cuts rates citing softer global growth outlook
By Marc Jones
LONDON, Oct 2 (Reuters) - European shares and the euro dipped on Tuesday as investors worried about Spain's economic troubles and a gloomy outlook for global growth, cashing in recent gains.
The FTSEurofirst index of top European shares opened 0.4 percent lower as trading resumed, having finished up 1.42 percent at 1104.71 points on Monday. London's FTSE 100
, Paris's CAC-40 and Frankfurt's DAX all started in negative territory.
Spain is ready to request a euro zone bailout for its public finances as early as next weekend but Germany has signalled it should hold off, European officials said on Monday, adding to the confusion about when aid could arrive.
A rescue programme would pave the way for the European Central Bank to buy Spanish bonds.
"There are worries over whether or not it will be a bailout and whether such a bailout would trigger credit downgrades," said David Thebault, head of quantitative sales trading, at Global Equities.
"But beyond that, markets have not completely realised how powerful the new ECB policy is and how it will reshape things, so there's still upside."
, which has been keeping to tight ranges in recent sessions, dipped back under $1.29 against a broadly firmer U.S. dollar
Spanish and Italian 10-year government bonds both saw small drops in yields while demand for German bonds eased slightly. Oil prices
steadied near $112 a barrel as gold
Data from the U.S. showing that the manufacturing sector grew for the first time since May helped keep the Standard & Poor's 500 Index
near a six-year high and lifted Asian shares around 0.2 percent overnight .
Earlier on Tuesday, Australia's central bank, the RBA, kicked off a week of central bank meetings by cutting its main rate by a quarter point to 3.25 percent. The European Central Bank, the Bank of England and the Bank of Japan all follow later this week although none are expected to move rates.
It is the RBA's third cut in six months as the slowdown in China, a strong currency, soft export prices and benign inflation all warrant easier policy.
The move saw the Australian dollar
slip to a one-month low of $1.0305 from around $1.0363 before the announcement, but Australian shares
rose 1 percent.
"We have to say that if they thought the case today was compelling, then the odds are that things are travelling faster than they thought and that leaves the door open for another cut we think before year end," said Su-Lin Ong, senior economist at RBC Capital Markets.
(additional reporting by Blaise Robinson; editing by Anna Willard)
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