China tech selling hits stocks, real yields fall before Fed



* Hong Kong tech stocks down 7.97%

* U.S. S&P futures down 0.22%, European stocks down 0.37%

* Bitcoin trading at $37,680

By Carolyn Cohn and Dhara Ranasinghe

LONDON, July 27 (Reuters) - World stocks fell on Tuesday after investors sold Chinese internet giants for a third straight day, while real U.S. bond yields hit record lows on worries about the economic outlook ahead of a Federal Reserve meeting.

The Hang Seng Tech index .HSTECH slid almost 8%, plumbing its lowest since its inception in July 2020 and losing 17% in three days.

Big decliners included Meituan 3690.HK and Alibaba 9988.HK , with investors expecting the companies' food delivery arms to be affected by new regulations guaranteeing workers above minimum pay.

Chinese bluechips .CSI300 dropped 3.53%, hitting 2021 lows, thanks to regulatory crackdowns in the education and property sectors.

The selling dented previously upbeat stock sentiment elsewhere.

European stocks .STOXX fell 0.37%, moving further away from recent record highs. Britain's FTSE 100 .FTSE was down 0.43%. Global stocks .MIWD00000PUS fell 0.3%.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.94%, hitting its lowest since December.

"Valuations are tight but I don't think the China tech crackdown will lead to a major equities sell-off," said Christian Lenk, a rates strategist at DZ Bank in Frankfurt.

S&P 500 futures ESc1 dipped 0.22% after all three major U.S. stock indexes closed at record highs for a second straight session on Monday, on optimism ahead of a slew of tech earnings this week.

Alphabet Inc GOOGL.O , Apple Inc AAPL.O and Microsoft Corp < MSFT.O> are set to publish quarterly results late on Tuesday, with Amazon.com Inc's AMZN.O due later in the week.

POWELL ALERT

The Fed begins its two-day meeting on Tuesday, with investors set to scrutinise a statement and press conference from Chair Jerome Powell due late Wednesday.

They will be looking to see how the central bank will balance fast-rising prices with the complication of increased coronavirus infections.

"There's a realisation that we have passed the peak of growth," said Derek Halpenny, head of research at MUFG.

"Some of the supply constraints are beginning to ease."

Real, or inflation-adjusted, bond yields across major economies have fallen in recent sessions, a move analysts attribute to growing concern about the economic outlook following an upsurge in COVID-19 variants, as well as technical factors such as hefty bond-buying by central banks.

The yield on 10-year Treasury inflation-protected securities (TIPS) hit -1.147% US10YTIP=RR on Tuesday, down about 4 basis points on the day.

German inflation-linked bond yields DE10YIL=RR also extended recent falls, hitting a new low at around -1.747%.

The yield on benchmark 10-year U.S. Treasury notes US10YT=RR slipped 1.8 basis points and 10-year German Bund yields DE10YT=RR dropped 1.9 basis points, close to a 5-1/2 month low set on Monday.

The dollar gained 0.11% against a basket of currencies =USD and the euro dipped 0.1% to $1.1787 EUR= . The dollar fell 0.23% against the yen JPY= .

Oil prices inched up as investors bet tight supply and rising vaccination rates will help offset any impact on demand from surging COVID-19 cases worldwide.

Brent crude LCOc1 futures rose 18 cents to $74.68 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 3 cents to $71.94 a barrel.

Gold XAU= was steady at $1,796.40 per ounce.

Bitcoin BTC=BTSP was trading around $37,600, 0.8% higher on the day. It has recouped some losses after it fell from a Monday peak of $40,581 after Amazon.com offered a qualified denial of a weekend news report that said it was preparing to accept cryptocurrencies.



World FX rates YTD Link
Global asset performance Link
Asian stock markets Link
BATs vs FAANGs Link
Inflation-linked bond yields Link



Additional reporting by Sujata Rao in London and Alun John in
Hong Kong; Editing by Lincoln Feast, Ana Nicolaci da Costa, Sam
Holmes and Joe Bavier



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