*

Japanese yen strengthens to 5-week high versus dollar

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U.S. PCE data due at 1500 GMT

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New Zealand dollar rebounds after RBNZ opts for 50 bp rate

cut

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Oil steadies as market contemplates Lebanon ceasefire

impact

(Updates at 1340 GMT)

By Medha Singh and Kevin Buckland

Nov 27 (Reuters) - Global stocks paused and the dollar

slipped on Wednesday as concerns over the potential impact of

U.S. tariffs when Donald Trump returns to the White House

prompted traders to take some profits off the table before the

month ends.

The safe-haven Japanese yen extended its strong run,

climbing to a five-week high on the U.S. dollar, which was in

turn weighed down by sagging Treasury yields.

Trading across markets is thinner than usual this week, with

November trading drawing to a close before the U.S. Thanksgiving

holiday on Thursday and many investors extending their break

into Friday.

Futures pointed to a slightly lower start for the

S&P 500 before a key consumer spending report, while the

pan-European STOXX 600 lost 0.4%.

MSCI's broadest index of Asia-Pacific shares

recouped slight, early losses to edge 0.1%

higher. Earlier, Asian stocks lost their footing on fears over

Trump's tariff pledges, with equities in Japan, Taiwan

and South Korea leading losses.

Trump said late on Monday that he would immediately put a

25% tariff on all products from Mexico and Canada when he takes

office in January, and impose an additional 10% tariff on goods

from China. The threat drew warnings of retaliation.

Trump also chose trade lawyer Jamieson Greer as his new U.S.

trade representative, a veteran of his first-term trade war

against China.

But U.S. bond markets this week have taken heart over his

nomination of Scott Bessent to be U.S. Treasury secretary, which

has spurred hopes of reining in the government debt load.

"We're trying to get our heads around very volatile

communication where on the one hand you have very aggressive and

uncompromising news on tariffs but on the other hand a pretty

pragmatic pick for Treasury secretary," said Samy Chaar, chief

economist at Lombard Odier.

Trump's policies are "relatively positive for U.S.

business conditions but probably more challenging for the rest

of the world that will have to adjust and find a path to avoid

disruptions and more expensive access to U.S. markets," Chaar

said.

U.S. data at 1500 GMT is expected to show core U.S.

inflation increased 2.8% in October. The U.S. central bank

tracks the PCE price measures for its 2% inflation target.

"We think inflation is getting closer to target but it will

remain slightly above. The Fed will continue to cut rates but at

a slightly slower pace in an economic environment which is of a

higher octane," said Chaar.

The U.S. dollar dropped against other major rivals, falling

0.6% to $1.0547 per euro and easing by a similar

measure to $1.26446 against sterling. It slid 1.1% to

151.390 yen.

The New Zealand dollar rebounded 0.9% to $0.5887

from multi-month lows after the country's central bank opted to

cut interest rates by 50 basis points on Wednesday,

disappointing some in the market who had bet on a bigger

reduction.

The largest cryptocurrency bitcoin attempted to find

its feet after a four-day retreat from a record high of $99,830.

It was last up 2.5% at $93,889.

Gold ticked up 0.8% to about $2,648 per ounce.

Oil prices held steady on Wednesday as markets evaluated a

ceasefire agreement between Israel and Hezbollah while also

anticipating Sunday's OPEC+ meeting, where the group could delay

a planned increase in oil output.

Brent crude futures rose 0.52%, to $73.19 a barrel

and U.S. West Texas Intermediate crude was up 0.57%, at

$69.16.

Both benchmarks settled lower on Tuesday over the

Israel-Hezbollah ceasefire deal.