GLOBAL MARKETS-Euro slides on Irish ratings cut, stocks rise

* Stocks gains on tame US CPI, improved consumer sentiment

* Euro falls against US dollar after Moody's cuts Ireland

* U.S. Treasuries extend gains on benign inflation data

* Oil rises on China growth, better US consumer sentiment (Adds close of European markets)

By Herbert Lash

NEW YORK, April 15 (Reuters) - The euro slid after Moody's cut Ireland's sovereign rating to just above junk on Friday, while U.S. and European stocks edged higher as tame U.S. inflation offset disappointing corporate earnings.

Oil prices gained, with North Sea Brent crude climbing to $124 a barrel after data showed improved U.S. consumer sentiment this month, easing worries about slower growth. For details see [ID:nN15245118]

Copper prices fell for a fifth day after China reported inflation at a 32-month high, spurring fears authorities could tighten monetary policy again. [ID:nLDE73E0MY]

"The pace of Chinese growth points to further monetary tightening there, which could weigh on Chinese fuel demand in the future," said Carsten Fritsch, an analyst at Commerzbank.

The euro zone crisis weighed on investor sentiment once again after Moody's cut Irish debt ratings, helping the euro fall against the U.S. dollar to trade at $1.4442 . [ID:nN15211953]

The dollar later pared some gains after consumers grew more confident about the U.S. economy and even toned down their inflation expectations for the next five years, the Thomson Reuters/University of Michigan survey showed.

Several top Federal Reserve officials have expressed few concerns about inflation and U.S. interest rates are expected to stay low for some time. [ID:nN14167673].

U.S. stocks rose and European stocks ended slightly higher, but posted their first weekly loss in a month on worries over the euro zone debt crisis.

"I'm surprised the market is holding up so well, given Google and Bank of America. But everyone is happy with the consumer price number," said Randall Warren, chief investment officer of Warren Financial Service in Exton, Pennsylvania.

"People were afraid that inflation could derail the bull market, and this data puts that story on hold."

The Dow Jones industrial average <.DJI> was up 51.95 points, or 0.42 percent, at 12,337.10. The Standard & Poor's 500 Index <.SPX> was up 5.46 points, or 0.42 percent, at 1,319.98. The Nasdaq Composite Index <.IXIC> was up 2.26 points, or 0.08 percent, at 2,762.48.

Poor corporate results tempered gains. Bank of America reported a steeper-than-expected decline in profits, and Google late Thursday unnerved investors with a large jump in first-quarter spending. [ID:nN15213078] [ID:nL3E7FF1CC]

The FTSEurofirst 300 <.FTEU3> index of top European shares closed 0.2 percent higher at 1,131.36 points. For the week, posted a loss 1.5 percent.

Global stocks as measured by MSCI's all-country world index <.MIWD00000PUS> rose 0.2 percent, pulled higher by Wall Street.

Oil rose, lifted by U.S. consumer sentiment and Chinese economic growth data that outweighed concerns about the strain of rising fuel costs on the economy. [ID:nL3E7FF0HH]

ICE Brent crude for June delivery rose $1.61 at $123.61 a barrel after hitting $124. U.S. crude futures for May rose to $109.93 a barrel, up $1.82.

U.S. Treasuries extended early gains after government data showed underlying inflation pressures remained subdued in March. [ID:nN15306631]

The benchmark 10-year U.S. Treasury note was up 19/32 in price to yield 3.43 percent.

The dollar was up against a basket of major currencies, with the U.S. Dollar Index <.DXY> up 0.12 percent at 74.774.

The euro was down 0.25 percent at $1.4452, and against the Japanese yen, the dollar was down 0.49 percent at 83.09.

Spot gold prices rose $13.79 to $1,486.60 an ounce. (Reporting by Ryan Vlastelica, Nick Olivari and Ellen Freilich in New York; Christopher Johnson, Rebekah Curtis and Kirsten Donovan in London; Blaise Robinson in Paris; Writing by Herbert Lash; Editing by Kenneth Barry)