* Nasdaq futures up 1.5%, S&P 500 futures up 1%
* Euro struggles as gas crisis crimps growth outlook (Updates throughout, changes byline, dateline)
By Sujata Rao and Tom Westbrook
LONDON, July 27 (Reuters) - Better-than-expected earnings from a raft of U.S. and European companies helped steady global stock markets on Wednesday, cutting through gloom caused by rising interest rates and the threat of an energy crunch due to Russian gas supply cuts.
Ten-year U.S. Treasury bond yields - the reference rate for global cost of capital - held near three-month lows touched on Tuesday, while several bond market recession gauges continued to flash warnings that growth in the world's largest economy is slowing, if not going into reverse.
Bond gains were capped, however, by the U.S. Federal Reserve meeting that is expected to deliver another big, 75 basis-point (bp) interest rate hike, and healthy second-quarter company earnings, despite cost pressures and labour shortages .
Futures for the U.S. S&P 500 and Nasdaq and rose 1% to 1.5%, while a pan-European equity index was up 0.4% .
Wall Street sentiment was lifted by 4%-5% gains on shares in Microsoft and Google parent Alphabet, which forecast strong revenue growth and posted solid search engine ad sales respectively .
In Europe, Deutsche Bank reported a forecast-beating profit rise as did Italy's Unicredit, boosting an index of European bank shares to a one-week high.
A range of sectors reported solid earnings too, from carmaker Mercedes Benz and luxury firm LVMH to energy firm Equinor and food producer Danone.
"Some great earnings numbers, especially from Big Tech and luxury goods," said Vincent Manuel, CIO at Indosuez Wealth Management, though he noted the divergence between buoyant earnings and softer macro sentiment.
"The question is how long we will continue to see this divergence?"
Earlier, heavyweight chipmakers helped Japan's Nikkei close higher, but a warning from the world's second-biggest chipmaker, SK Hynix, of slowing demand saw other Asian shares fall 0.5%.
Australian miner Rio Tinto too posted a 29% drop in first-half profits and more than halved dividends, citing weak Chinese demand, higher costs and labour shortages.
Indosuez's Manuel noted industrials and consumer discretionary firms better reflected the pressures than tech and healthcare firms.
"I would expect earnings guidance to be more cautious from corporates," he added.
GROWTH AND INFLATION
The growth-inflation trade-off will be on the Fed's mind when it announces its rate decision at 1800 GMT. While a 75 bps move is priced, futures still imply a 15% chance of a 100 bps increase.