(Updates at 0850 GMT)

By Ankur Banerjee and Alun John

LONDON/SINGAPORE, April 24 (Reuters) - World stocks rose

on Wednesday led by tech names as investors' focus shifts to

earnings from U.S. megacap bellwethers this week, while the yen

remained mired near 34-year lows, keeping traders wary of

intervention from Japanese authorities.

An after-hours surge in shares of electric vehicle maker

Tesla, following its promise of new models, and upbeat

earnings from some U.S. companies lifted sentiment, spurring a

rally in tech stocks in Asia, where the sector

rose 3.7% and Europe, where it gained 2.5%.

Europe's broad STOXX 600 was 0.2% higher, as that

rally in tech stocks - also helped by a 10% surge in wafer maker

ASM International on raised revenue forecasts - met

soft earnings from drugmaker Roche and luxury goods

maker Kering, whose shares fell to their lowest since

2017.

Nasdaq futures were up 0.6%.

"It feels like this week is getting back to market

fundamentals and earnings. At least temporarily, we are

sidestepping geopolitics which have been impacting markets in

the last two weeks," said Samy Chaar, chief economist at Lombard

Odier.

Safe haven gold has fallen more than 4% since its

Friday high, and is at $2.717.9 an ounce, albeit still not far

from record peaks set earlier in the month.

Still to come in the earnings-packed week are results from

tech giants Meta Platforms ( META ), Alphabet and

Microsoft ( MSFT ).

"The positive data in European PMIs will drive upward

revisions to GDP consensus in Europe. In the U.S. the data, so

far, is difficult to read," Chaar added.

DATA DIVERGENCE

Purchasing Managers Index surveys on Tuesday showed overall

business activity in the euro zone and in Britain expanded at

their fastest pace in nearly a year, while business activity

cooled in the U.S.

That divergence helped the euro to nudge above

$1.07 in Asia trade, its highest in more than a week, though it

failed to hold and was last down 0.16% on the day at $1.0684.

"For once, US-eurozone divergence in data has come to the

benefit of euro/dollar," said Francesco Pesole, currency

strategist at ING, in a note.

"(Though) hard data - inflation and employment above all -

has been the real drag on the pair so far, so caution is

warranted when it comes to rallies prompted by activity surveys

like PMIs."

U.S. gross domestic product figures and the March personal

consumption expenditure data - the Fed's preferred inflation

gauge - due later this week will be crucial for the dollar and

for investors' attempts to gauge the path of U.S. rates.

Markets now see the first Federal Reserve rate cut coming in

September, with expectations of 42 basis points of cuts this

year. At the start of the year, traders had priced in 150 bps of

easing for the whole year.

INTERVENTION ZONE

The drastic shift has elevated Treasury yields and lifted

the dollar in the past few weeks, with pressure particularly

being felt in Asia.

In the latest illustration, Indonesia's central bank

delivered a surprise rate hike on Wednesday, stepping up efforts

to support the rupiah currency.

The long-beleagured Japanese yen was last at

154.88 per dollar, trading at its lowest since 1990 ahead of the

Bank of Japan's two-day policy meeting that concludes on Friday.

The yen is down nearly 9% this year.

The dollar/yen pair, which is sensitive to U.S. yields, has

traded in an extremely narrow range in the past few weeks, with

traders wary that a push above 155 could raise the risk of

dollar-selling intervention by Japanese authorities.

A senior official of Japan's ruling party told Reuters they

were not yet in active discussion on what yen levels would be

deemed worth intervening in the market, though the currency's

slide towards 160 to the dollar could prod policymakers to act.

The yield on 10-year Treasury notes was at

4.627% on Wednesday, up a touch on the day, having dipped to as

low as 4.568% on Tuesday following the economic data.

Oil prices were down slightly, with U.S. crude at

$83.16 per barrel and Brent at $88.07.