* Global stocks slip after 5-day run up
* Europe opens lower, Japan down 0.8 percent, China 2.6 pct
* Dollar gains slightly
* Little impact from Bernanke reappointment
By Jeremy Gaunt, European Investment Correspondent
LONDON, Aug 25 (Reuters) - World stocks fell back after five days of gains on Tuesday and the dollar firmed as investors waited for more clues on whether the global economic recovery was truly picking up steam.
Emerging markets led declines. China's volatile Shanghai Composite Index fell 2.6 percent but investors were not likely to be overly concerned given its 7.5 percent rise over the past three sessions.
Globally, the MSCI all-country world stock index was down 0.4 percent. The index hit a year high on Monday, however, and is up more than 20 percent for the year-to-date.
Emerging market shares lost 0.7 percent but they are up more than 50 percent in 2009.
"We continue to believe that we are emerging from the recession and are entering a period of positive, but sub par, growth levels," Bob Doll, BlackRock's chief investment officer for global equities, said in his weekly note.
European shares fell back in early trade from 10-month closing highs. The FTSEurofirst 300 index of top European shares was down 0.6 percent
Earlier, Japan's Nikkei 225 closed 0.8 percent lower.
News that U.S. President Barak Obama was to reappoint Federal Reserve Chairman Ben Bernanke for a second term had little impact on markets. "It should be positive for markets such as the stock and bond markets in the sense that an element of uncertainty has been removed," said Takahide Nagasaki, chief FX strategist at Daiwa Securities SMBC.
RISK DAY OFF
The euro fell while the yen and dollar rose as the retreat in shares quelled demand for currencies considered to be high-risk.
"Today is a risk-off day as equities are coming off and the dollar is trading a bit stronger," said Carl Hammer, currency strategist at SEB in Stockholm.
"We're seeing a small correction in risk appetite today," he said, while adding that the broad trend for elevated risk demand remained intact.
The euro was down 0.2 percent at $1.4269 and the dollar was up 0.1 percent against a basket of major currencies.
Euro zone government bond prices were higher to flat. Two-year bond yields were unchanged at 1.299 percent and 10-year yields slipped 4 basis points to 3.278 percent. (Additional reporting by Charlotte Cooper and Naomi Tajitsu, editing by Lin Noueihed) (To read Reuters Global Investing Blog click on http://blogs.reuters.com/globalinvesting; for the MacroScope Blog click on http://blogs.reuters.com/macroscope; for Hedge Hub click on http://blogs.reuters.com/hedgehub)