Global Stocks Mixed As OECD Warns Of Middle East Conflict Risk

Oil prices rose again Wednesday following a report of possible additional output cuts by exporters as the OECD pared back its global growth forecast and warned of an economic hit from the Israel-Hamas conflict.

Prices of West Texas Intermediate and Brent oil futures, the two leading benchmarks, each climbed nearly two percent after the Wall Street Journal reported that OPEC and Russia-led allies were mulling additional cuts of as much as a million barrels per day.

But the newspaper said an agreement isn't assured, while noting that the talk comes amid heightened tension over the Middle East conflict.

Oil prices have been volatile since a planned meeting of the OPEC+ group was postponed last week.

Meanwhile, the Organization for Economic Co-operation and Development trimmed its forecast for global growth this year to 2.9 percent, down from the 3.0 percent it forecast in September.

The OECD still sees near-term risks to its forecast tilted to the downside, pointing to the heightened geopolitical tensions due to the Israel-Hamas conflict as "a key source of near-term uncertainty" for the global economy.

"If the conflict were to intensify and broaden within the wider region, there are much stronger risks that could slow growth and push up inflation," said the OECD, which advises its 38 member countries on economic policy.

US stocks were mixed at the end of a choppy session following government data that upgraded US economic growth in the third quarter.

The world's biggest economy saw GDP growth of 5.2 percent at an annual rate in the July to September period, due to higher investment and government spending than originally expected.

The initial estimate put growth at 4.9 percent.

The figures show growth in the last quarter was even stronger than thought, but a note from Oxford Economics warned, "the only way is down."

While Paris and Frankfurt advanced, Hong Kong led the retreaters owing to heavy selling in big-name tech firms, while there were also losses in Tokyo, Shanghai, Seoul, Bangkok and Manila.

Sydney, Singapore, Taipei, Mumbai, Bangkok and Jakarta edged up. Wellington was flat.

Among individual companies, General Motors shares surged 9.4 percent after announcing a $10 billion "accelerated" share repurchase program and plans to boost its dividend by 33 percent.

The US automaker also reinstated its profit outlook after suspending it due to a strike earlier in the fall.

New York - Dow: UP less than 0.1 percent at 35,430.42 (close)

New York - S&P 500: DOWN 0.1 percent at 4,550.58 (close)

New York - Nasdaq: DOWN 0.2 percent at 14,258.49 (close)

London - FTSE 100: DOWN 0.4 percent at 7,423.46 (close)

Paris - CAC 40: UP 0.2 percent at 7,267.64 (close)

Frankfurt - DAX: UP 1.1 percent at 16,166.45 (close)

EURO STOXX 50: UP 0.5 percent at 4,370.53 (close)

Tokyo - Nikkei 225: DOWN 0.3 percent at 33,321.22 (close)

Hong Kong - Hang Seng Index: DOWN 2.1 percent at 16,993.44 (close)

Shanghai - Composite: DOWN 0.6 percent at 3,021.69 (close)

Euro/dollar: DOWN at $1.0978 from $1.0993 on Tuesday

Pound/dollar: UP at $1.2698 from $1.2694

Dollar/yen: DOWN at 147.22 yen from 147.48 yen

West Texas Intermediate: UP 1.9 percent at $77.86 per barrel

Brent North Sea crude: UP 1.7 percent at $83.10 per barrel