By Jeremy Gaunt, European Investment Correspondent
LONDON (Reuters) - World stocks firmed on Tuesday on hopes for a solid earnings season, while the euro hugged recent lows as the markets awaited the next day's debt auction in struggling Portugal.
Euro zone bonds were mixed after Japan said it was considering buying about 20 percent of the euro zone bonds to be jointly issued later this month to raise funds to support Ireland.
European stocks rose in early trade, bouncing back from the previous session's losses, lifted by forecast-beating results from U.S. aluminum major Alcoa
Alcoa unofficially began the earnings season after the Wall Street closing bell on Monday by posting a fourth-quarter profit that topped Wall Street forecasts.
The FTSEurofirst 300 <.FTEU3> gained half a percent. World stocks as measured by MSCI <.MIWD00000PUS> were up 0.1 percent with emerging markets <.MSCIEF> gaining half a percent.
Japan's Nikkei closed down 0.3 percent.
Analysts said the prospect of solid corporate earnings was generally giving stock investors the room to look past euro zone debt concerns for the time being.
"The focus is switching to companies' results this week, with earnings due from big U.S. names such as JPMorgan
Banking stocks were among the top gainers on Tuesday, reversing recent losses.
JAPAN RESCUE?
Japan pledged to buy euro zone bonds this month in a show of support for Europe's struggle with a smouldering debt crisis, but market players doubted the gesture would offer the euro much relief.
The euro steadied above a four-month trough, but the focus was on this week's heavy schedule of debt issuance by southern European countries.
"The euro remains a sell on rallies," said Jeremy Stretch head of currency strategy at CIBC World Markets.
The single currency was down slightly on the day at $1.2923.
Higher-yielding euro zone issuers came under modest pressure and German Bunds were steady.
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