* Upbeat U.S. Q3 growth data underpin support for stocks
* Oil slides on jitters about OPEC output accord
* Monte dei Paschi's rescue plan gets Generali boost
* Dollar falls; low-rated euro zone bond yields fall
(Updates market action, changes dateline, previous LONDON)
By Richard Leong
NEW YORK, Nov 29 Stock prices around the world
edged up on Tuesday following upbeat U.S. growth data, while the
oil market fell to its weakest level in over a week on doubts
OPEC could reach an accord to reduce output.
The dollar slipped against a basket of currencies on
profit-taking. The dollar index had hit a near 14-year peak last
week on expectations a Trump administration would result in tax
cuts and a surge in federal spending to bolster the U.S.
"Optimism surrounding potential fiscal stimulus and some
targeted deregulation next year have lifted U.S. equity prices
in recent weeks," said Jim Baird, chief investment officer at
Plante Moran Financial Advisors.
"Couple that with an increasingly enthusiastic consumer
supported by stronger wage gains and the economy appears
well-positioned to remain on a growth path heading into 2017."
Concerns about rising government borrowing to finance those
fiscal stimuli, together with upbeat U.S. economic data, renewed
selling in U.S. Treasuries and other core government bonds.
Gold prices fell on growing expectations on stronger global
growth led by the U.S. and the Federal Reserve raising interest
rates in response.
The Dow Jones industrial average was up 15.62 points,
or 0.08 percent, to 19,113.52, the S&P 500 was 4.14
points, or 0.19 percent, higher at 2,205.86 and the Nasdaq
Composite was up 19.79 points, or 0.37 percent, to
The outlook for U.S. stocks improved after data showed the
U.S. economy grew 3.2 percent in the third quarter, faster than
initially thought due to strong consumer spending and a surge in
European equities edged higher with Italian bank stocks
gaining 3.7 percent after Monte dei Paschi's rescue
plan got off to an encouraging start. Generali's board approved
a conversion of 400-million euros in Monte dei Paschi
subordinated bonds into shares, according to Italian press
Europe's broad FTSEurofirst 300 index inched up
0.08 percent, at 1,341.15.
The MSCI world equity index, which tracks
shares in 45 nations, fell 0.1 points or 0.02 percent, to
In addition to its bank sector, Italy was also in focus
ahead of a constitutional referendum on Sunday.
Italian 10-year government yields fell below 2
percent after Reuters reported that the European Central Bank is
ready to by more Italian bonds if there is turmoil after the
constitutional referendum on Sunday.
The political risk kept the euro restrained despite the
pullback in the dollar. The single currency was last up
0.03 percent, at $1.0616.
The dollar index slipped 0.1 percent on profit-taking
but remained 2.8 percent higher for the month.
The greenback's decline was mitigated by higher U.S. yields
stemming from jitters about higher domestic inflation if Trump
and a Republican-controlled Congress enact tax cuts and federal
spending in the coming months.
Benchmark 10-year Treasury yield was up 2 basis
points to 2.34 percent.
Meanwhile, oil prices fell more than 3.5 percent as key OPEC
members seemed to struggle with arriving to an production cut
agreement to address a global supply overhang.
Brent crude was last down $1.72, or down 3.57
percent, at $46.52 a barrel. U.S. crude was last down
$1.74, or down 3.7 percent, at $45.34 per barrel.
Spot gold prices fell $5.77 or 0.48 percent, to
$1,187.61 an ounce.
(Additional reporting by Tanya Agrawal, Anya George Tharakan in
Bengaluru, Abhinav Ramnarayan in London, Wayne Cole in Sydney;
Editing by Jeremy Gaunt and Nick Zieminski)