(Updated at 10:45 a.m. ET (1445 GMT))

By Tom Westbrook and Amanda Cooper

SINGAPORE/LONDON, July 30 (Reuters) -

World stocks were mixed in choppy trading on Monday as

investors were jittery ahead of major corporate earnings reports

and central bank moves, and concern over the global economic

outlook dented commodities and oil prices touched early June

lows.

Global crude benchmark futures fell 1.4% as worry

over Chinese energy demand outweighed any concern about tensions

in the Middle East or Venezuela.

Copper and iron ore prices were also lower, and aluminium

fell to multi-month lows, while there was little by way of

support from China's Politburo, which at its July meeting

announced no new detailed efforts to boost the economy.

"The consensus is that the U.S. economy is going to be

softer this quarter and maybe next quarter as well and you can't

really rely on the euro area to offer any compensation for that.

China has got its own problems and doesn't look like it's going

to snap into gear," Daiwa Capital economist Chris Scicluna said.

"Understandably, we might have been hoping for the global

economy to be gaining traction and momentum to be picking up at

this stage in the cycle, but it looks like maybe things are

coming off the boil a bit," he said.

The MSCI All-World index, which is

heading for a third straight monthly gain in July, eased 0.29

points, or 0.04%, to 804.06 by 10:45 a.m. ET (1445 GMT).

On Wall Street, the Dow Jones Industrial Average

rose 162.83 points, or 0.40%, to 40,702.76, the S&P 500

lost 2.44 points, or 0.04%, to 5,461.10 and the Nasdaq Composite

lost 63.85 points, or 0.37%, to 17,306.35.

In Europe, London's FTSE 100 retreated. Top spirits

maker Diageo ( DEO ) hit a 4-1/2-year low following a profit

miss.

Preliminary euro zone data showed economic growth in the

single currency bloc expanded at an annual rate of 0.6% in the

second quarter of this year, above forecasts for a reading of

0.5%. A separate report showed the German economy unexpectedly

contracted in the second quarter, but this had little bearing on

expectations for interest rates.

German 10-year Bund yields fell nearly 1%.

'CALM BEFORE THE STORM'

Interest rates remain front and centre. Japanese government

bond yields edged lower with the 10-year JGB yield

ending down 3 basis points at 0.995%.

Ten-year U.S. Treasury yields eased to

4.1743%.

"The term 'calm before the storm' has been heard across the

floors," said Chris Weston, head of research at Pepperstone in

Melbourne. "This is a day for position management and to review

broad exposures."

Markets are pricing almost no chance of a U.S. rate cut this

week, but have fully priced a 25-basis-point reduction in the

Fed Funds rate for September and so expect policymakers to sound

dovish.

In Japan, a broader range of outcomes is on the table, with

markets pricing a nearly 60% chance of a 10-basis-point rate

hike and expecting to hear about how the Bank of Japan plans to

edge its way out of an enormous bond-buying programme.

The dollar and yen drifted, but kept in fairly compact

ranges after recent breakout moves.

The euro edged down. The yen, which has

rebounded sharply from a 38-year low of 161.96 per dollar hit

early in July, came under pressure.

"We are at an interesting intersection for yen here," said

Nathan Swami, head of currency trading at Citi in Singapore,

with this week's central bank meetings possibly sketching a

shift in the rates outlook and the yen's trajectory.

"It is too early to tell if the factors driving yen weakness

have changed permanently. For now, this seems more like a

short-term correction to the USD/JPY higher trend, but we feel

there is downside risk that needs to be priced into a trade."

Later in the day, Microsoft ( MSFT ) and chipmaker AMD

will report earnings after the bell in New York, while

preliminary CPI data is due in Germany and Spain.

Australian inflation data will also be released on Wednesday

and the Bank of England is priced for a roughly even chance of a

rate cut at its policy meeting on Thursday.

(Editing by Sherry Jacob-Phillips, Sharon Singleton, Ros

Russell and Marguerita Choy)