* Dollar up broadly, pulls away from 14-month low vs euro
* Weaker stocks cool risk demand, supporting U.S. currency
* Dlr correction seen limited, EUR/USD to return above $1.50
(Adds comment, updates throughout)
By Naomi Tajitsu
LONDON, Oct 22 (Reuters) - The dollar rose broadly on Thursday, rebounding from 14-month lows against the euro and a currency basket as a slide in global share prices cooled risk demand and put the brakes on a rally in higher-risk currencies.
European shares fell around 1.6 percent, tracking Asian and U.S. stocks lower on some disappointment over corporate earnings and prompting some investors to book profits on the euro's rise above $1.50 on Wednesday.
The dollar was also supported by Chinese GDP figures. While showing economic growth quickened, the data sparked selling in higher-yielding currencies, including the Australian dollar, as some in the market had expected even stronger expansion.
Cooling risk demand benefited the dollar on Thursday, but analysts said its downtrend remained intact as optimism about the global economy leads some investors to sell the U.S. currency for riskier assets.
At the same time U.S. interest rates are seen remaining low for many months, adding to the dollar's yield disadvantage as other central banks consider tightening monetary policy.
"The euro's proximity to $1.50 suggests that the market is not taking the current correction as too serious," said Michael Klawitter, senior currency strategist at Commerzbank in Frankfurt.
"Quite a few investors are buying euros on dips."
He added the currency market would eye movements in stocks, as well as more U.S. earnings due later in the day, including McDonald's, Phillip Morris, AT&T, American Express and others.
By 0927 GMT, the euro was down 0.3 percent on the day at $1.4965, having slipped as low as $1.4944 in earlier trade. Still, it remained within range of $1.5047 hit on Wednesday, its strongest since August 2008.
Against a currency basket, the dollar was up 0.6 percent at 75.385, pulling back from a 14-month low of 74.940 touched the previous day.
The dollar rose 0.3 percent to 91.25 yen.
Sterling fell to the day's low against the dollar and the euro, stalling a dramatic rally in the past nine days, after UK retail sales showed no growth in September, weaker than expectations for rise.
The Swedish crown fell to the day's low against the euro after the Riksbank held interest rates at 0.25 percent and said they would remain at that level for the next year.
CHINA GDP
Data on Thursday showed China's gross domestic product growth accelerated to 8.9 percent in the third quarter.
The numbers were in line with market expectations and gave traders a reason to take profits in higher-yielding currencies such as the Australian and New Zealand dollars, which each fell more than half a percent against the dollar.
China is Australia's biggest trading partner and robust Chinese demand for its commodities has helped it dodge recession.
Market participants said the dollar's correction may be limited, particularly after the Federal Reserve's Beige Book on Wednesday suggested U.S. price pressures were very subdued, reinforcing the case for rates to remain low for a while.
"The Fed Beige Book confirmed the absence of pricing pressure in the U.S. and activity was merely starting to recover from depressed levels -- thus the Fed is showing no signs of removing the punchbowl of low rates," analysts at ING said in a note.
"Thus core trends remain intact and USD rallies should be sold into."
(Editing by Nigel Stephenson)