(Updates prices)

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Global stocks head for longest stretch of losses since

August

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Nvidia ( NVDA ) earnings due after market close

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Europe stocks fall, dollar up against yen

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Bitcoin back above $90,000

By Tom Westbrook and Amanda Cooper

SINGAPORE/LONDON, Nov 19 (Reuters) - Global shares

steadied on Wednesday, after another selloff driven by nerves

over AI valuations, although the mood was cautious ahead of what

could be make-or-break earnings from chip titan Nvidia ( NVDA ) and U.S.

jobs data this week.

The tech-heavy Nasdaq fell 1.2% overnight, marking a

second straight daily decline. Worries about lofty valuations

have knocked it more than 6% below late October's record peak.

Heading towards the open, S&P 500 futures and Nasdaq 100

futures were up 0.3-0.4%, having climbed steadily

throughout the European morning.

The STOXX 600 reversed early losses to rise 0.1%, but

is still down 4% from record highs reached less than a week ago.

MSCI's All-World index was down 0.1%, easing for

a fifth straight session in its longest stretch of daily losses

since August.

EYES ON NVIDIA

Nvidia ( NVDA ), which sells the graphics processing units

underpinning artificial intelligence, has been at the heart of a

rally that has carried stock markets around the world to

all-time highs and lifted any stock with even tangential links

to AI.

It reports its earnings after the market close in the U.S.

and is expected to deliver a 56% jump in its fiscal

August-October quarter revenue to $54.92 billion, according to

data compiled by LSEG.

"It looks like Nvidia's ( NVDA ) stock price has been priced for

perfection, so GPU demand must continue to grow strongly for

many more years for the stock to stay up," said Wong Kok Hoi,

founder and CEO of APS Asset Management in Singapore.

Nvidia ( NVDA ) shares were up around 1% in the U.S. pre-market. The

company's results could set the tone for risk sentiment for the

near term, and not just in equities.

"Given the current positive correlation between equities and

the dollar (which reflects perhaps the renewed concerns over a

tech/AI-specific correction hitting the broader U.S. economy) a

bad earnings report this evening could drive the dollar weaker,"

MUFG strategist Lee Hardman said, adding that the focus would

likely then rapidly pivot to Thursday's delayed U.S. employment

data.

FED OUTLOOK

The dollar has fallen by 8.1% this year, heading for its

worst performance against a basket of currencies since

2017. Year-to-date losses topped more than 10% in October, but

the dollar has been steadily clawing higher since then, as

uncertainty over the economic outlook and persistent inflation

have tempered expectations for rate cuts and the stock market

bull run has started to stall.

The Japanese yen, which hit its weakest since late

January against the dollar at 156, has given up almost all of

this year's gains against the dollar and prompted officials in

Tokyo to warn about the prospect of intervention.

Investors also worry that U.S. President Donald Trump's falling

approval rating could drive fiscal spending and possibly stoke

inflation, which has kept safe-haven U.S. Treasuries in check.

The benchmark 10-year note was steady at 4.12%,

having barely moved so far this month.

Markets are pricing about a 42% chance of a 25-basis point

Federal Reserve rate cut in December, something that was priced

as a near certainty a month ago.

BITCOIN BOUNCES BACK FROM BELOW $90,000

Meanwhile bitcoin has recovered slightly from Tuesday's

seven-month lows to trade at $91,400, but was still nearly 30%

below October's record high.

"BTC has erased this year's gains and then some, meaning

anybody who acquired in the past 10 months is underwater," said

Justin d'Anethan, head of research at Arctic Digital, a crypto

investment and advisory firm.

In commodities, gold, which scaled record highs alongside

stocks in October, has also fallen. It was last up 1.2% at

$4,115 an ounce, while Brent crude futures fell 2% to

$63.59 a barrel.

(Additional reporting by Tom Westbrook in Singapore; Editing by

Sonali Paul, Alex Richardson and Chizu Nomiyama )