* Global shares slip on doubts about economic recovery
* Euro dips vs dollar, yen as risk aversion rises
* Crude oil slides amid fears over economic outlook (Updates with U.S. markets activity, changes dateline; previous LONDON)
By Herbert Lash
NEW YORK, Aug 17 (Reuters) - Global stocks and commodity prices tumbled on Monday after last week's poor U.S. consumer confidence data triggered doubts about the strength of a U.S. recovery and prompted investors to cut their exposure to risk.
Stock markets in Asia, Europe and the United States slid to lows last seen in July as equities fell about 2.0 percent around the world and the CBOE Volatility Index <.VIX>, considered Wall Street's fear gauge, jumped more than 15 percent.
Oil
A weaker-than-expected report from the Reuters/University of Michigan Survey of Consumers ignited cross-market selling late on Friday. [ID:nN14294408]
Data showing Japan's economy became the third G7 country after Germany and France to pull out of recession failed to impress investors and added to the negative sentiment.
"It's a continuation from Friday," said Gayle Berry, an analyst at Barclays Capital. "This is the trend we've been seeing in recent months -- a week or so of very strong gains and then a pullback.
The euro hit a two-week low against the U.S. dollar and yen as investors sought safety in safe havens.
The Federal Reserve Empire State index showing New York state factory activity surged in August only trimmed some of the dollar's gains against the euro. [ID:nN17371906]
"The jump in the index is pretty healthy and it may contribute to the paring of the massive risk aversion trade from overnight," said Boris Schlossberg, director of currency research at GFT Forex in New York. "But the larger theme continues to be the consumer and he is missing in action."
The sell-off in Asian stocks was broad-based with financials, industrials and materials providing the biggest drag on the MSCI index of Asia Pacific shares traded outside Japan <.MIAPJ0000PUS>, which fell 3.3 percent to its lowest level so far this month.
European equities hit a two-week trough, led lower by banks and commodity shares, while U.S. stocks fell broadly.
The Dow Jones industrial average <.DJI> dropped 167.85 points, or 1.80 percent, to 9,148.41. The Standard & Poor's 500 Index <.SPX> dropped 21.11 points, or 2.10 percent, to 982.98. The Nasdaq Composite Index <.IXIC> dropped 42.93 points, or 2.16 percent, to 1,942.59. (needs to be updated.)
The FTSEurofirst 300 <.FTEU3> index of top European shares was down 2 percent at 922.19 points, after falling to 918.06, the lowest since July 30. It was on track to post its biggest one-day percentage drop since early last month.
"We're seeing a little bit of follow-through from the U.S. consumer confidence figures Friday that saw the market weaken," said Keith Bowman, an analyst at Hargreaves Lansdown.
U.S. Treasury debt prices climbed with the 30-year bond up a full point, on the safe-haven appeal of government debt. [ID:nN17371135] (Reporting by Steven C. Johnson, Chris Reese in New York; Alex Lawler, Atul Prakash and Tricia Wright in London; writing by Herbert Lash)