* World shares slide China economic plans lacks detail
* Dollar edges toward 100 yen on Fed taper speculation
* U.S. Treasury yields extend gains, Bunds follow
* Firmer dollar keeps commodities under pressure
By Richard Hubbard
LONDON, Nov 12 (Reuters) - China's plan to broaden economicreforms failed to give a lift to world shares on Tuesday ashigher U.S. government bond yields and growing talk the FederalReserve will soon scale back its stimulus weighed on sentiment.
U.S. stock index futures pointed to further weakness aheadon Wall Street where investors were looking for policy cluesfrom a number of Fed speakers.
China's leaders promised to deepen economic reforms and letmarkets play a bigger role in resource allocation in a newpolicy blueprint unveiled at the end of a four-day meeting ofkey officials from the ruling Communist Party.
"They are looking to break away from government control,allowing the markets to take the lead," said Dong Tao, chiefregional economist for Non-Japan Asia at Credit Suisse.
"This is a revolutionary philosophy, by Chinese standards."
However, the government communique contained little to shiftthe market's attention away from its preoccupation with thetiming of the Fed's next policy steps, prompting world shares to edge lower after two days of gains.
The speculation that the Fed could soon begin to taper its$85 billion-a-month in bond buying has grown since last week'ssurprisingly strong U.S. jobs data, driving the dollar closer to100 yen and lifting it toward a two-month peak against abasket of major currencies.
The prospect of an early policy shift has also caused asharp rise in U.S Treasury yields as central banks in the eurozone and Japan pursue looser policies to help growth, wideningthe interest rate gap in favour of the dollar.
U.S. 10-year note yields were up 2 basis points at 2.76percent in European trading.
Traders said if the benchmark U.S. yield stayed above 2.75percent for a sustained period it could herald a move towards 3percent, last seen in early September, when markets initiallyanticipated the Fed would begin to reduce its asset purchases.
German 10-year government bonds yields were being draggedhigher by the move in Treasuries, rising 1.7 bps to 1.77 percent and close to levels seen just before the EuropeanCentral Bank cut rates on Thursday.
A thin economic data calendar left the debt market awaitingspeeches from Fed officials Dennis Lockhart and NarayanaKocherlakota for further hints on when the U.S. central bankmight start trimming its $85 billion-a-month of bond-buying.
"It will be interesting to see whether they indicate more ofa shift towards QE tapering starting in December or in January,"said Mathias van der Jeugt, a strategist at KBC.
SHARE GAIN LOCK-IN
Europe's shares meanwhile were edging down from thefive-year highs seen last week as low volumes and a weak run ofcorporate earnings results encouraged many investors to booksome of the gains made in this year's strong rally.
In the current earnings season about half of the StoxxEurope 600 companies that have reported so far havemissed profit forecasts, and nearly two-thirds have missedrevenue forecasts, according to Thomson Reuters StarMine data.
"Some are getting nervous about the lack of volume so, ifyou've got any decent performance, you're probably not going toget much more upside from here," said Ioan Smith, managingdirector of KCG Europe.
Europe's broad FTSEurofirst 300 index has risennearly 14 percent this year helped by the ECB's easier monetarypolicy and signs of a recovery across the crisis-hit region.
In commodity markets, China's dominance as a consumer ofmany raw materials had kept markets in a cautious mood pendingBeijing's announcement though the firmer greenback was keeping prices of the dollar-denominated assets under pressure.
Three-month copper on the London Metal Exchange slipped 0.4 percent to $7,140 a tonne, while gold dropped 0.25percent to $1,285 an ounce.
Brent crude oil gained in volatile trade to be above $106 abarrel, adding to its gains in previous two sessions asdealers awaited data on U.S. stock piles due out later.
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