* Ireland worries dent shares, commodities
* But talk of rescue deal helps euro off 6-week low vs dlr
* Global stocks down 0.5 percent; emerging stocks down 1.4 percent
By Jessica Mortimer
LONDON, Nov 12 (Reuters) - Concerns about severe fiscal problems in Ireland that may eventually result in a Greek-style bailout weighed down on shares and other riskier assets including commodities on Friday.
The euro came off earlier six-week lows versus the dollar, however, while spreads between German and euro zone peripheral bond yields narrowed from elevated levels on market talk a rescue package for Ireland was being agreed, although this was denied by an Irish finance ministry spokesman.
Market sentiment was also helped after EU leaders sought to reassure bondholders they would not be forced to take a writedown, although jitters about the severity of the situation remained.
Global stocks fell, with the MSCI world equity index down 0.5 percent. European shares were down 0.7 percent, having earlier lost more than 1 percent, while U.S. equity futures indicated a lower open on Wall Street.
Emerging stocks came under particularly heavy pressure, dropping by 1.4 percent.
"There are too many uncertainties on investors' minds about euro peripheral debt and they are rushing to the door. These sovereign debt problems are a trigger to book profits in commodities and emerging markets assets," said Jane Foley, senior currency strategist at Rabobank.
This followed sharp falls in Asian stocks, led by a 5.2 percent drop in the Shanghai composite index -- the biggest single-day decline since May -- on talk of more monetary tightening and a scramble out of resource-related shares.
The euro was up 0.2 percent at $1.3686 against the dollar, having earlier hit a six-week low of 1.3573 on EBS trading platform.
PERIPHERAL SPREADS, COMMODITIES
The premium demanded to hold Irish 10-year bonds over German bonds narrowed from record high levels.
But nervousness about Ireland and other troubles in peripheral euro zone countries kept yield spreads elevated, with the premium for holding Spanish and Italian over German bonds rising to euro lifetime highs in early trade.
"I would suggest this is just a relief pause and it's just going to fuel expectations that the Irish are eventually going to have to go to the (European Financial Stability Fund)," said James Knightley, an economist at ING.
German bund futures fell 46 ticks at 129.58.
The dollar was steady against a basket of major currencies.
A broad retreat from riskier assets pushed oil prices down nearly 2 percent to $86.07 per barrel, retreating from a 25-month high reached the previous session, while gold prices fell 1.6 percent.
(Additional reporting by Anirban Nag and Kirsten Donovan)