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* European stocks boosted by upbeat earnings
* China blue-chip index closes up 0.2%
* Yuan edges back from three-month lows
* Dollar makes marginal gains
* Fed statement due at 2 p.m. EDT
By Tom Arnold and Alun John
LONDON/HONG KONG, July 28 (Reuters) - Global equities
regained some poise on Wednesday as a storm in Chinese stocks
showed signs of easing, while the dollar made modest gains as
investors awaited a Federal Reserve meeting.
After a wave of heavy selling in recent days on the back of
broadening regulatory crackdowns in China, Chinese blue chips
closed up 0.2%, but the Shanghai Composite Index
ended 0.6% down, its lowest close since March 10.
Hong Kong's benchmark added 1.5%, but remained near
nine-month lows.
Chinese state-run financial media urged calm on Wednesday
after a roiling of stocks in the technology, property and
education sectors in recent days.
MSCI's broadest index of Asia-Pacific shares outside Japan
was 0.3% firmer after three straight sessions of
losses.
In Europe, the pan-continent STOXX 600 index added
0.2%, helped by encouraging earnings reports.
German lender Deutsche Bank gained 3.9% after
delivering a better-than-expected quarterly profit. Britain's
Barclays jumped 4.0% as it announced resumption of
shareholder payouts after beating first-half profit
expectations.
U.S. stock futures, the S&P 500 e-minis, were 0.1%
lower.
Market movements were small ahead of the Fed meeting.
Investors are primed for any hints on when the central bank will
start reducing its purchases of government bonds and any fresh
insight into its views on inflation and economic growth.
"In the background, you have the ripple effect of the
Chinese crackdown and a lot of companies reporting today, but
the Fed is the major event," said Francois Savary, chief
investment officer at Swiss wealth manager Prime Partners.
"Are we going to get a timetable on tapering? Is it going to
be clearly announced?"
The statement from the Fed policy meeting is due at 2 p.m.
EDT (1800 GMT), with a news conference by Chairman Jerome Powell
expected half an hour later.
With investors holding off on major bets ahead of the
meeting, the dollar made marginal gains after earlier being
pinned down by demand for safe-haven currencies.
The U.S. dollar index moved into positive territory
after trading lower in Asian hours, with the greenback last up
0.1% at 92.534.
The Chinese yuan edged back from three-month lows and
its worst day since October on Tuesday.
The yield on benchmark 10-year Treasury notes
strengthened to 1.2590%, up from the U.S. close of 1.234%.
Oil prices rose as industry data showed U.S. crude and
product inventories fell more sharply than expected last week,
outweighing worries that surging COVID-19 cases would curb fuel
demand.
U.S. crude rose 0.29% to $71.86 a barrel and Brent
crude rose 0.15% to $74.61 per barrel.
Gold drew support from fragile equities and a subdued
dollar, with spot prices above the key psychological
level of $1,800, while Bitcoin rose around 0.8%,
trading just below $40,000.
(Editing by Ana Nicolaci da Costa, Kim Coghill and Catherine
Evans)
