* Yen recovers major losses as global recession fears remain

* Equity markets jump, putting dollar under pressure

* Fed decision eyed; rate cut of at least 50 bps seen

(Changes byline, recasts, updates prices, prvs TOKYO)

By Jessica Mortimer

LONDON, Oct 29 (Reuters) - The yen rose broadly on Wednesday, recouping steep falls seen the previous day with global recession fears keeping investors in a jittery mood, despite improving equity market sentiment.

The dollar came under pressure as a surge in U.S. stocks late on Tuesday was replicated in Europe, with investors taking some comfort from prospects for further central bank interest rate cuts to help stimulate flagging economies around the world.

The U.S. Federal Reserve's rate verdict is expected later on Wednesday, with futures markets pricing in a large probability of at least a 50 basis point rate cut from the current 1.5 percent FEDWATCH.