July 31: Tokyo futures edge down ahead of Fed, ECB meetings

TOKYO, July 31 (Reuters) - Key TOCOM rubber futures dipped early on Tuesday as caution ahead of monetary policy meetings by the U.S. Federal Reserve and the European Central Bank weighed on sentiment.

Asian shares paused while oil prices slipped, with scepticism countering expectations for more stimulus steps to support fragile global economies.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for January delivery <0#2JRU:> was down 2.5 yen, or 1.1 percent, at 229.9 yen per kg as of 0110 GMT.

* Market sentiment has been underpinned by speculation the Eueopean Central Bank, at a meeting on Thursday, may resume its bond buying programme to shoot down rising Spanish and Italian borrowing costs.

* The U.S. Fed Reserve will start a two-day interest rate policy meeting on Tuesday.

* Saudi Basic Industries Corp (SABIC) and ExxonMobil said on Monday their Kemya rubber plant will have an immediate earnings impact from its second half 2015 start , riding increased transport demand and vehicle use in the region, Africa and Asia.

MARKET NEWS

* Japan's Nikkei share average opened slightly lower on Tuesday, while U.S. stocks barely moved on Monday.

* U.S. crude prices steadied below $90 a barrel on Tuesday, as the worsening euro debt crisis offset support from a fall in OPEC production and an expected drop in U.S. crude stockpiles..

DATA EVENTS

* The following data is expected on Tuesday:

- 0600 Germany Retail sales yy real Jun

- 0645 French Consumer spending June

- 0755 Germany Unemployment rate sa Jul

- 0800 Italy Unemployment rate June

- 0900 EZ Inflation, flash yy Jul

- 1145 U.S. ICSC chain stores yy Weekly

- 1230 U.S. Personal income mm Jun

- 1345 U.S. Chicago PMI Jul

- 1400 U.S. Consumer confidence Jul

- 2030 U.S. API weekly crude stocks Weekly