* Major U.S. stock indexes open down
* Euro falls broadly on Europe's banking concerns
* Government bonds firmer; oil price falls (Updates with U.S. markets' open)
By Walter Brandimarte and Natsuko Waki
NEW YORK/LONDON, Sept 7 (Reuters) - World stocks pulled back from a one-month high on Tuesday while the euro tumbled on renewed concerns about the European banking sector and signs of slowing growth in the euro zone.
Oil prices fell more than 2 percent as the end of the U.S. driving season added to the economic concerns.
U.S. Treasury prices rebounded after three session of losses as investors sought safety. Many also had second thoughts about the positive market impact of U.S. payrolls data on Friday.
Souring investor sentiment was data showing German manufacturing orders unexpectedly fell in July at their steepest rate in more than a year. For details, see [ID:nLDE68615K].
Investors were also rattled by a Wall Street Journal report that said "stress tests" published more than a month ago underestimated some lenders' holdings of potentially risky government debt.
That helped rekindle concerns about the vulnerability of the sector after Germany's banking association said Monday the country's 10 biggest banks may need 105 billion euros of additional capital.
"The (report) is obviously undermining banks and dragging everything down with it," said David Morrison, market strategist at GFT Global in London.
"Last week was an incredible start to September. There were strong moves up on the back of economic numbers out of the States in particular, but ... I think there is a growing feeling that as that data is being dissected, it really did not justify the move up that we saw in equities."
The MSCI All-Country World equity index <.MIWD00000PUS> fell 1 percent, one day after closing at its highest level in nearly one month.
Major U.S. stock indexes opened lower as Wall Street investors returned from a long Labor Day holiday weekend.
The Dow Jones industrial average <.DJI> dropped 83.17 points, or 0.8 percent, to 10,364.76, while the Standard & Poor's 500 Index <.SPX> lost 10.60 points, or 0.96 percent, to 1,093.91. The Nasdaq Composite Index <.IXIC> was down 16.75 points, or 0.75 percent, at 2,217.00.
The FTSEurofirst 300 index <.FTEU3> of top European shares
dropped 0.87 percent, pressured by banking shares such as
Societe Generale
Mining shares were also among the top decliners after Australian Prime Minister Julia Gillard secured a second term in office, vowing to press ahead with a new mining tax and work towards a scheme that would force major polluters to pay for their carbon emissions.
Rio Tinto
U.S. crude oil prices
EURO TUMBLES ON RISK AVERSION
Banking fears knocked down the euro, which weakened 1 percent against the dollar to $1.2750.
The safe-haven yen rallied, reaching a 15-year high against the U.S. dollar, as investors' aversion to risk grew.
The dollar was down 0.69 percent against the Japanese currency
U.S. Treasury prices also benefited from a flight to quality.
The benchmark 10-year U.S. Treasury note
Treasuries prices had been pressured by stronger-than-expected U.S. economic data last week, including Friday's jobs numbers.
"People have come back to work today feeling they were a little over exuberant in the reaction to Friday's payrolls number. It was not as a bad as expected but certainly not a harbinger of gangbusters economic growth going forward," said Thomas Simons, money market economist at Jefferies & Co in New York.
Safe-haven demand also drove gold prices