U.S., European shares advance as euro dives to lowest since 2017

* Wall Street, European shares rise; earnings reports mixed

* Euro plunges on growth and Ukraine fears

* Dollar eyes biggest monthly gain since 2015

* Graphic: Global asset performance Link

* Graphic: World FX rates Link

By Chris Prentice and Tommy Wilkes

WASHINGTON/LONDON, April 27 (Reuters) - Wall Street rose in choppy trade on Wednesday on a boost from strong earnings reports from Microsoft and Visa, as commodity stocks kept European shares buoyant.

The euro dropped to its weakest since 2017 after Russia halted gas supplies to Bulgaria and Poland and investors worried more about the region's economy.

The dollar continued its surge, on course for its biggest monthly gain since January 2015 as expectations mounted that the Federal Reserve will hike interest rates aggressively in coming months and the U.S. economy will be stronger than the euro zone.

The Dow Jones Industrial Average .DJI rose 321.93 points, or 0.97%, to 33,562.11, the S&P 500 .SPX gained 41.21 points, or 0.99%, to 4,216.41 and the Nasdaq Composite .IXIC added 100.18 points, or 0.8%, to 12,590.92 by 2:27 p.m. EST (1837 GMT).

Strong earnings reports on Wednesday boosted U.S. stocks, with Microsoft Corp MSFT.O jumping over 6% and Visa Inc V.N surging nearly 8%. They helped boost U.S. shares following Tuesday's rout, which saw the Nasdaq close at its lowest since December 2020.

Some of Wall Street's biggest names have reported results this week, with investors seeking a counterweight to the deluge of negative news that has pounded stocks.

Google-parent Alphabet Inc GOOGL.O fell over 3% as slowing YouTube ad sales pushed quarterly revenue below expectations. Boeing Co BA.N dropped 8.7% after it disclosed $1.5 billion in abnormal costs from halting 777x production.

European shares' gains were limited as Russian energy giant Gazprom halted the gas supplies and German consumer morale sank.

The Euro STOXX 600 .STOXX was up 0.73%, as Germany's DAX .GDAXI rose 0.27%. Britain's FTSE 100 .FTSE climbed 0.53%.

European corporate earnings were mixed. Credit Suisse reported another quarterly loss and Deutsche Bank warned the Russia-Ukraine conflict could hurt annual earnings.

Russia cut the gas flow to Bulgaria and Poland for rejecting its demand to pay in roubles, taking direct aim at European economies. This led investors to sell euros and snap up U.S. dollars.

MSCI's benchmark for global equity markets .MIWD00000PUS rose 0.49%. Emerging markets stocks .MSCIEF fell 0.43%.

U.S. Treasury yields slid as data suggested trade dented economic growth last quarter and investors worried about the "restrictive" policy the Fed will pursue next week to combat inflation.

The U.S. trade deficit in goods widened to a record in March, the Commerce Department said. Trade has subtracted from gross domestic product growth for six straight quarters, the longest such stretch since the beginning of 2016.

The euro dropped as low as $1.0512 EUR= , its weakest against the dollar since May 2017. Analysts cited the war in Ukraine and growing concerns that the bloc's economy will fall into recession this year.

"The euro's blatant inability to rally on hawkish comments by European Central Bank members means lingering vulnerability to an external environment negatively affected by an ever-concerning situation in Ukraine and generalized USD strength," ING FX strategists wrote in a note to clients.

The dollar index =USD measuring the greenback against a basket of rivals, hit a five-year high.

"The U.S. dollar benefits from the prospect of an ongoing flight to safety liquidity bid," said Jeremy Stretch, head of G10 FX strategy at CIBC.


There was more selling in Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS down 0.82% after hitting its lowest since mid-March. Tokyo's Nikkei .N225 fell 1.17%.

Australian shares .AXJO lost 0.78% as inflation hit a 20-year high, bringing interest rate rises closer.

Battered Chinese stocks .CSI300 bucked the trend, gaining almost 3% as data showed faster profit growth at industrial firms in March than a year earlier.

In the previous session, China stocks fell to their lowest in two years on fears that persistent COVID lockdowns would hurt economic activity and disrupt global supply chains.

Prices of key commodities were under pressure from the stronger U.S. dollar, which makes them more expensive to holders of other currencies.

Brent crude LCOc1 futures were last up 0.3% as U.S. West Texas Intermediate crude CLc1 futures gained 0.19%.

Spot gold prices XAU= hit a more than two-month low and were last down 1%.

Global FX performance Link
Global asset performance Link
Euro vs U.S. dollar Link

Additional reporting by Kanupriya Kapoor and Joice Alves;
Editing by John Stonestreet, Mark Heinrich, David Gregorio and
Nick Zieminski

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