Updates prices

By Tom Westbrook

SINGAPORE, July 23 (Reuters) -Asia's stock markets steadied on Tuesday as semiconductor shares bounced back to break an expensive losing streak, while a bleak demand outlook from China dragged down commodity prices and investors turned their attention to U.S. earnings and data.

Bonds held firm and the dollar was steady on most majors save for the yen, which rose about 0.5%, and the Australian and New Zealand currencies, which sagged in sympathy with metals.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5%. Japan's Nikkei .N225 was flat and Taiwan's benchmark .TWII snapped five sessions of losses to rise 2%, tracking a broader rebound in chipmaking shares and recovering some of the $100 billion in market value that was wiped off TSMC 2330.TW over the previous few sessions. .T

European futures STXEc1 rose 0.1% and U.S. futures ESc1 fell 0.2% following a 1.1% rise in the S&P 500 on Monday. .N

"Markets are a bit rudderless right now. There's...three competing themes or narratives that have not settled yet," said Cambridge Associates Asia head and global investment strategist Aaron Costello.

On one hand, he said, market wagers on Donald Trump winning back the U.S. presidency had upward pressure on U.S. yields and the dollar, while anticipation of rate cuts in coming months had the opposite effect.

"For China markets, you have the let down after the plenum," he said, "which is essentially suggesting no changes in policy and certainly no major stimulus coming."

Beijing surprised markets with interest rate cuts on Monday though it has also put a spotlight on China's economic weaknesses.

Chinese blue chips .CSI300 fell 1% and back below their 200-day moving average, Shanghai copper SCFc1 hit its lowest since April while Dalian iron ore futures DCIOcv1 fell 2% to a three-month low and dragged on the Australian dollar. IRONORE/

"The lack of any further support measures for China's property sector has seen sentiment weaken," ANZ analysts said in a note to clients.

The Aussie AUD=D3 dipped to a three-week low of $0.6629 and the kiwi NZD=D3 to a nearly three-month low of $0.5965. China's yuan CNY=CFXS, which slipped with Monday's rate cut, hovered around 7.2740 on Tuesday. CNY/

EARNINGS AND ECONOMICS

Broader bond and foreign exchange markets were mostly steady as focus turned to the data docket and a busy week of U.S. earnings. The euro EUR=EBS held at $1.088 and the yen JPY=EBS was firmer at 156.40 per dollar.

Benchmark 10-year Treasury yields US10YT=RR inched two basis points lower to 4.24% and two-year yields US2YT=RR were steady at 4.51%. Markets have priced in two U.S. rate cuts this year with the first in September, but expectations could be ruffled by growth and consumer price data due later in the week.

Advance U.S. gross domestic product is forecast to show growth picking up to an annualised 1.9% in the second quarter, while the closely watched Atlanta Fed GDPNow indicator points to growth of 2.7% suggesting some risk to the upside.

The core personal consumption expenditures index, the Fed's preferred inflation measure, is seen rising 0.1% in June, pulling the annual pace down a tick to 2.5%.

A slew of earnings are also due, headed by Tesla TSLA.O and Google-parent Alphabet GOOGL.O, which begin the season for the "Magnificent Seven" megacap group of stocks.

The tech sector is projected to increase year-over-year earnings by 17%, while profit for the communication services sector .SPLRCL is seen rising about 22%, according to LSEG IBES, but richly valued stocks are also prone to disappointment.

Tesla and Alphabet report after Tuesday's close in New York. Others reporting include France's LVMH LVMH.PA, which will be closely-watched as sliding demand from China has pummelled the sector.

Gold XAU= prices were pinned around $2,400 after peaking above $2,450 last week. Brent crude futures LCOc1, which hit a one-month low on Monday, were steady at $82.41 a barrel.

Bitcoin BTC=, which has rallied on bets a Trump administration would take a light-touch approach to cryptocurrency regulation, pulled back 2% to $64,466.

Editing by Sam Holmes

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