* Crude prices jump after tankers reverse course in Red Sea

* Yen rebounds from 40-year low after report BOJ may hike

faster than expected

* Alphabet, Tesla earnings to test AI momentum

* Energy shares lead gains in Europe; U.S. futures drop

(Updates to early European trading)

By Gregor Stuart Hunter and Johann M Cherian

July 22 (Reuters) - Global stocks rose on Wednesday, lifted

by energy shares, after crude prices hit six-week highs, while

U.S. equity futures fell ahead of key earnings from U.S. Big

Tech and the dollar dipped against other major currencies.

Traders also kept a wary eye on the Japanese yen that

nudged higher after sources told Reuters that the Bank of Japan

was on alert to upside inflation risks that could lead to faster

interest rate hikes than markets project.

Two oil tankers carrying Saudi crude to Asia reversed course

in the Red Sea on Tuesday following threats of attack from

Yemen's Iran-aligned Houthis, dampening hopes that the end to

the recent spike in tensions could be imminent, which sent Brent

crude prices up 3.5% to $94.22 a barrel - their highest

since early June.

President Donald Trump said all generic drugs brought into

the U.S. will carry a tariff of 0% for two years from August 1,

after which the rate will rise to 100% for one year and 200%

thereafter. He slapped a 50% tariff on some Canadian goods

earlier this week.

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

the day, while in Europe, oil and gas stocks helped send

the STOXX 600 up 0.6%. By contrast, futures on the

tech-heavy Nasdaq slipped 0.6% and those on the S&P 500

were down 0.2%.

Market focus will turn to earnings after Wednesday's closing

bell from Alphabet, which is facing heightened

scrutiny over the delayed launch of a key AI model, and Tesla

, which is widely expected to report its first quarterly

cash burn in over two years.

"Even the slightest doubt about the monetization of

artificial intelligence or the return on infrastructure spending

could call into question the main driver of the market rally

over the past nearly two years," said John Plassard, head of

investment strategy at Cité Gestion.

YEN BOUNCES OFF 40-YEAR LOWS

The Japanese currency found its footing at 162.98 per

dollar after hitting a new 40-year low on Tuesday as investors

weighed the measures officials would use to shore up the

drooping currency.

Japanese Finance Minister Satsuki Katayama said on Wednesday

that the government remains ready to take "decisive action" in

currency markets if needed, while refraining from commenting on

specific foreign-exchange levels.

The battered yen and soaring oil prices pushed Japan's

imports to a record high in June, though exports also topped

expectations, helped by booming demand from AI-related data

centres - and a weak currency that continues to boost overseas

sales.

The jump in oil prices is complicating the work of central

bankers who have also grown cautious in offering an outlook for

monetary policy. The European Central Bank is expected to

announce its verdict on Thursday, and the U.S. Federal Reserve's

decision is due next week.

Both central banks are expected to leave borrowing costs on

hold this month, but traders expect borrowing costs in the U.S.

and the euro zone to rise by at least 25 basis points each by

the end of the year, LSEG-compiled data showed.

The yield on the U.S. 10-year Treasury note was

at 4.63%, unchanged on the day, after having touched a two-month

high in the previous session. Gold rose 1.1% to a

two-week high and was last at $4,120 an ounce.

(Reporting by Gregor Stuart Hunter and Johann M Cherian;

Editing by Christopher Cushing, Sam Holmes, Amanda Cooper and

Anil D'Silva)