* Oil climbs back above $30 a barrel after overnight drop
* Wall Street shares rebound, Apple results in focus
* Jitters remain after China shares fall to 14-month low
* Hopes of dovish U.S. Fed lend some support
(Updates market action, changes dateline, previous LONDON)
By Richard Leong
NEW YORK, Jan 26 (Reuters) - Global stock markets and oil
prices rose on Tuesday in another volatile session on hopes oil
producers would pare production to alleviate the supply excess
that has punished equity prices and pushed oil values to 12-year
lows.
Nervous investors put more money into low-risk yen, Swiss
franc, gold, U.S. and German government debt as they await more
clues whether the Federal Reserve and other central banks would
provide support to stabilize markets that have been roiled
partly due to worries about weakening economic growth in China.
The U.S. Federal Reserve is expected to leave interest rates
unchanged after its two-day policy meeting, which begins later
Tuesday, and signal it may not raise rates again, perhaps until
mid-2016 at the earliest. FED/DIARY
"It's going to go back and forth, and it looks like it's
going to all depend on what the price of oil does today," said
Matthew Tuttle, chief executive of Tuttle Tactical Management in
Greenwich, Connecticut.
Top OPEC and Russian oil industry officials stepped up vague
talk on Monday of possible joint action to remedy one of the
worst supply gluts in decades, though there were others,
including Kuwait, who say they doubt it will happen as long as
others are increasing their output.
Brent crude LCOc1 was last up 36 cents, or 1.18 percent,
at $30.86 a barrel, and U.S. crude CLc1 was last up 21 cents,
or 0.69 percent, at $30.55 per barrel.
The oil market rebound rekindled some appetite for stocks.
In early U.S. trading, the Dow Jones industrial average
.DJI was up 235.72 points, or 1.48 percent, to 16,120.94, the
S&P 500 .SPX was 20.5 points, or 1.09 percent, higher at
1,897.58 and the Nasdaq Composite .IXIC was up 23.96 points,
or 0.53 percent, to 4,542.45.
Some nervousness ahead of Apple's AAPL.O quarterly results
later Tuesday, which are expected to show a sharp drop in iPhone
sales, was mitigated by encouraging U.S. data on home prices and
consumer confidence.
The pan-European FTSEurofirst 300 index .FTEU3 was up 0.5
percent at 1,329.86.
Tokyo's Nikkei .N225 ended 2.4-percent weaker, part of a
broad decline across Asia.
Mainland Chinese shares .SSEC .CSI300 tumbled more than
6 percent to a 14-month low on renewed jitters over Beijing's
ability to calm domestic markets.
The yen was initially stronger against the dollar and euro
but reversed those gains with the rebound in stock and oil
prices. It was last down 0.2 percent against the greenback at
118.47 yen JPY= and down 0.1 percent versus the euro at 128.46
yen EURJPY= .
The dollar was weaker against a basket of currencies, last
down 0.2 percent at 99.199 .DXY .
Nagging worries about falling oil prices and the global
economy supported demand for U.S. and German government bonds.
Benchmark 10-year Treasury yield US10YT=RR dipped half a
basis point to 2.017 percent, and 10-year Bund yield DE10YT=RR
declined 2 basis points to 0.46 percent. US/ GVD/EUR .
Spot gold prices XAU= rose for a second day. It was last
up $5.74 or 0.52 percent, to $1,113.40 an ounce. GOL/