(Updates with European morning trade)

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European stocks mixed before Fed

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U.S.-China trade talks end without major breakthroughs

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Investors await central bank decisions and corporate

earnings

By Samuel Indyk and Gregor Stuart Hunter

LONDON, July 30 (Reuters) - Global stocks struggled for

clear direction on Wednesday ahead of the Federal Reserve's

policy announcement later in the day, with investors cautious

after two days of trade talks between the U.S. and China

concluded without any major breakthroughs.

Treasury yields and the dollar were also little changed as

the market anticipated the Fed will keep rates on hold despite

pressure from the White House to lower borrowing costs.

Europe's STOXX 600 was flat, with blue-chip indexes

in Frankfurt, Paris and London all

hovering around steady.

Early gains for MSCI's broadest index of Asia-Pacific shares

outside Japan petered out. Japan's Nikkei 225

ended the session little changed.

Investors await several central bank decisions, economic

reports and corporate earnings over the coming days, as well as

U.S. President Donald Trump's August 1 tariff deadline.

Although the Federal Reserve is expected to leave interest rates

unchanged at the conclusion of its two-day policy meeting later

on Wednesday, analysts have predicted some central bank

officials who favour lower borrowing costs could voice rare

dissent.

"I'm not expecting a rate cut," said George Lagarias, chief

economist at Forvis Mazars.

"They're going to hint a rate cut in September, but they're

not going to commit themselves to it."

The yield on the benchmark 10-year Treasury note

was last flat on the day at 4.336%. It dropped to its lowest

level since July 3 on Tuesday at 4.32%. The two-year yield

, which is more sensitive to change in interest rate

expectations, was little changed at 3.875%.

With the Bank of Japan expected to keep policy unchanged on

Thursday, the markets will analyse its comments to gauge when

the next rate increase will come after a trade deal between

Japan and the U.S. cleared the way for the bank to resume rate

hikes.

Some of the negotiations with countries seeking to avert Trump's

punitive tariffs are expected to continue up to the deadline.

India is among those bracing for higher U.S. tariffs - likely

between 20% and 25% - on some exports as it holds off on fresh

trade concessions ahead of the August 1 deadline, two Indian

government sources said.

Meanwhile, three South Korean cabinet-level officials met with

U.S. Commerce Secretary Howard Lutnick in a last-ditch push for

a deal.

CORPORATE EARNINGS CONTINUE

Earnings were mixed on Wednesday. UBS Group reported

profits that exceeded analysts' expectations, while HSBC

profits missed estimates as its losses from China

mounted.

German sportswear maker Adidas and French luxury

group Kering both flagged that tariffs were having an

impact on costs and pricing.

U.S. tech megacaps Microsoft ( MSFT ) and Meta are

due to report earnings on Wednesday that will set the tone for

the rest of the week and the earnings season.

"It's been a solid U.S. reporting season so far, but these

megacap names need to run it hot and blow the lights out, given

the bar to please has been sufficiently raised," said Chris

Weston, head of research at Pepperstone.

In currency markets, the dollar index, which measures

the currency against six others, fell less than 0.1% after

hitting a five-week high on Tuesday.

The euro was up 0.1% against the dollar. The U.S.

currency was down 0.3% to 147.96 yen.

Oil prices fell. Brent crude futures eased 0.4% to

$72.20 a barrel and U.S. crude futures were down 0.5% at

$68.87.

Spot gold was up 0.2% to $3,333.07 after hitting a

2-1/2 week low on Monday.