Google gives jittery stocks a lift ahead of Fed

Better-than-expected results at Microsoft and Google helped soothe a nervous mood in stock markets on Wednesday, while a cut in Russian gas flow dragged on the euro and a Federal Reserve meeting due later in the day kept bonds and the dollar on edge.

Nasdaq 100 futures bounced 1.4 per cent and S&P 500 futures were up 0.8 per cent in Asia after Microsoft forecast steep revenue growth and Google parent Alphabet posted strong search engine ad sales.

Alphabet shares rose 5 per cent after hours and Microsoft shares rose 4 per cent to cut through some of the gloom cast over Tuesday by a profit warning at retailer Walmart and some soft US economic data.