GLOBAL MARKETS-World stock markets pause amid growth concerns
* Worries over timing of Fed taper resurface
* Dollar steady amid conflicting views on Fed taper
* Oil prices ease, while copper edges higher
NEW YORK, Nov 19 (Reuters) - World stock markets mostly dipped on Tuesday after the OECD cut its global growth forecasts, though expectations for continued stimulus from the U.S. Federal Reserve helped Wall Street pare early losses.
The dollar held steady, caught between conflicting views of when the U.S. central bank is likely to pull back on its stimulus.
The Fed's bond-buying program, which is providing liquidity of $85 billion a month, is seen providing a floor to equity prices, though investors are keen for clues of when the Fed will begin to scale back the program. With stock indexes around the world near multi-year or all-time highs, market participants are also concerned that a recent rally may have gone too far amid signs of tepid growth.
"There's no real news to propel the market higher but no real options for investors in terms of other places to put their money," said Rick Meckler, president of investment firm LibertyView Capital Management.
"The market will likely stay here until the beginning of next year and the Fed decides when is a good time to change policy."
In its latest snapshot of economic activity, the Paris-based Organization for Economic Cooperation and Development cut its 2014 forecast for global economic growth to 3.6 percent from the 4.0 percent it saw in May.
MSCI's world equity index, which tracks shares in 45 countries, fell 0.3 percent, after hitting a six-year peak on Monday.
The Dow Jones industrial average was up 0.70 point, or 0.00 percent, at 15,976.72. The Standard & Poor's 500 Index was down 0.63 point, or 0.04 percent, at 1,790.90. The Nasdaq Composite Index was up 0.07 points, or 0.00 percent, at 3,949.13.
In Europe, shares fell 0.6 percent, receding from a recent five-year high.
"Pan-European multiples are close to multi-year highs. That means markets are no longer cheap and we need to see some earnings improvement to warrant higher equity prices," Gerhard Schwarz, head of equity strategy at Baader Bank, said.
Earlier, optimism sparked by China's bold economic reform plans continued to bolster Asian markets, lifting MSCI's index of Asia-Pacific shares outside Japan by 0.2 percent, extending Monday's 1.4 percent rally.
The dollar held steady on Tuesday, caught between talk the U.S. central bank could keep its easy policy stance until March and some optimistic comments on the economy by two top Fed officials that could signal an earlier move.
William Dudley, president of the New York Fed and one of the staunchest supporters of the Fed's easy-money policies, cited labor market improvements and stronger-than-expected growth in the third quarter as positive signs for the U.S. economic recovery. Philadelphia Fed President Charles Plosser, an inflation hawk and critic of Fed stimulus spending, also pointed to improving economic conditions.
The mere hint that a December tapering is still possible was enough to keep the dollar index steady. The index, which measures the dollar against six major currencies, was at 80.80 . The dollar rose 0.2 percent against both the yen and the euro.
Euro zone government bonds moved within narrow ranges with 10-year German yields slightly firmer at 1.7 percent, while lower-rated Spanish and Italian yields were little changed.
The benchmark 10-year U.S. Treasury note was down 5/32 in price, with the yield rising to 2.6943 percent.
In commodity markets, copper rose 0.1 percent while gold was flat. U.S. crude oil futures were flat at $93.02 per barrel while Brent crude lost 0.4 percent.