(Updates throughout; refreshes prices at 0838 GMT)

By Amanda Cooper

LONDON, April 30 (Reuters) - Global shares headed for

their first monthly loss in six months on Tuesday ahead of a

slew of economic data, earnings and the U.S. Federal Reserve's

policy meeting, while the yen weakened a day after suspected

intervention lifted it from 34-year lows.

The MSCI All-World index was last up 0.1% on

the day, driven by gains in Europe and carrying some of the

positive momentum from a rally on Wall Street the day before.

But the index is heading for a loss of 2.2% in April, its worst

monthly performance since October.

In Europe, investors digested earnings from some of the

region's biggest companies, including lenders HSBC ( HSBC ),

whose chief executive announced his surprise retirement and

Santander, as well as consumer heavyweights, such as

Adidas and airlines, like Lufthansa.

In terms of earnings, Apple ( AAPL ) will be in the

spotlight when it reports first-quarter earnings after the

closing bell.

Results have been vying with macroeconomic data for the

position of biggest catalyst for the broader market and this

week brings the all-important U.S. employment report, as well as

the outcome of the Fed's two-day policy meeting on Wednesday.

Right now, the Japanese yen is in stark focus after surging

suddenly on Monday from a fresh 34-year low of 160.245, with

traders citing yen-buying intervention by authorities.

Markets had been anticipating that Japan might intervene to

prop up the yen after the currency fell more than 10% against

the dollar this year.

On Tuesday, the yen was back under pressure,

leaving the dollar up 0.35% at 156.87 per dollar.

Japan's top currency diplomat Masato Kanda said on Tuesday

authorities were ready to deal with foreign exchange matters

around the clock, while declining again to comment on whether

the finance ministry had intervened a day earlier.

"We are ready 24 hours, so whether it's London, New York or

Wellington (hours), it doesn't make a difference," the vice

finance minister for international affairs told reporters.

MIND THE YIELD GAP

Vasu Menon, managing director of investment strategy at

OCBC, said intervention alone cannot narrow the gap in interest

rates that is largely driving the yen's decline.

The yen has been under pressure as U.S. interest rates have

climbed and Japan's have stayed near zero, funnelling cash out

of the yen and into higher-yielding assets.

"A lot now hinges on the outcome of the Fed policy meeting

this week," said Menon.

Investors have continually had to dial back expectations for

the timing and magnitude of U.S. rate cuts this year after

hotter-than-expected inflation reports, with markets pricing in

a 57% chance of a rate cut in September, CME FedWatch Tool

showed.

"Either you believe that inflation fundamentals advocate for

a structural rebound in inflation, or more, Q1 was a set-back

and things are going get back into landing mode," Lombard Odier

economist Samy Chaar said, adding that this second scenario was

his base case right now.

"Inflation will be judge and jury of what the Fed does."

Traders are now pricing in 35 basis points of cuts in 2024,

drastically below the 150 bps of cuts priced in at the start of

the year.

The shifting expectations on U.S. rates have lifted Treasury

yields and the dollar, dominating the currency market. Against a

basket of currencies, the dollar was up 0.2% at 105.9.

The index has risen over 1% in April and over 4% this year.

Meanwhile, futures on the S&P 500 and Nasdaq

were down 0.1%, suggesting a touch of weakness at the open

later.

Overnight, U.S. stocks ended higher, led by sharp gains in

Tesla shares after the electric vehicle maker made

progress in securing regulatory approval to launch its advanced

driver-assistance program in China.

Oil prices were mostly steady. U.S. crude futures

were flat at $82.73 a barrel, as was Brent crude at

$88.41.

Spot gold was last down 0.9% at $2,314 an ounce.