GLOBAL MARKETS-Stocks edge higher as trade deadline nears, oil falls

(Adds U.S. market open; previous LONDON)
* Investors wary, expect delay as U.S.-China trade deadline
nears
* Pound slips as projected Conservative majority shrinks
* Saudi Aramco gains 10% after record IPO

By HERBERT LASH
NEW YORK, Dec 11 (Reuters) - Global equity markets rose on
Wednesday as investors expected U.S. President Donald Trump
would delay his promised new tariffs on Chinese goods, while oil
prices fell after data showed an unexpected rise in U.S. crude
inventories.
Gold rose and the U.S. dollar traded near break-even against
a basket of major currencies ahead of central bank meetings in
the United States and Europe, a general election in Britain and
a Dec. 15 deadline for the new round of U.S. tariffs.
U.S. Treasury yields drifted lower, weighed by uncertainty
over the UK election on Thursday, which could determine the fate
of Britain's exit from the European Union.
Paramount in investors' minds was the looming U.S. deadline
on tariffs, with no immediate clarity on what the decision will
be. The 17-month trade war has roiled capital markets and
crimped global growth, noticeably in China.
"The market's waiting for Godot, waiting on the tariffs,"
said Tim Ghriskey, chief investment strategist at Inverness
Counsel in New York.
The White House's top economic and trade advisers are
expected to meet in coming days with Trump over the decision, a
source told Reuters.
Confidence is growing as Sunday approaches that Trump will
do something to keep the trade talks on track, which has
increased risk-on sentiment in the market, Ghriskey said.
Investors are tired of the prolonged talks and don't believe
any of the rhetoric coming from the White House, but do believe
a trade deal will get done, he said.
"There's a bit more of a positive feel to the possibility of
a trade deal," he said.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.22%, while the pan-European STOXX 600 index .STOXX
rose 0.19%.
On Wall Street, the Dow Jones Industrial Average .DJI fell
43.44 points, or 0.16%, to 27,838.28, the S&P 500 .SPX gained
3.72 points, or 0.12%, to 3,136.24 and the Nasdaq Composite
.IXIC added 16.70 points, or 0.19%, to 8,632.88.
U.S. consumer prices rose solidly in November, which
together with labor market strength supports the likelihood that
the Federal Reserve will not cut interest rates again in the
near term after reducing borrowing costs three times this year.
The Fed's statement is due at 2 p.m. ET (1900 GMT).
The Labor Department report showed underlying inflation
firming last month. The consumer price index rose 0.3% in
November. Excluding the volatile food and energy components, the
CPI rose by 0.2%, matching October's increase. The dollar index .DXY fell 0.01%, with the euro EUR= up
0.02% to $1.1094. The Japanese yen JPY= strengthened 0.02%
versus the greenback at 108.69 per dollar.
The British pound GBP=D3 , a high-flier of late, dropped
from a seven-month peak after an opinion poll projected a
narrower-than-expected victory for the Conservative party in the
British election.
The election is set to decide how the UK will leave the
European Union, if at all.
The European Central Bank will hold its first meeting and
news conference with Christine Lagarde as president on Thursday.
Benchmark 10-year U.S. Treasury notes US10YT=RR rose 6/32
in price to yield 1.8104%.
In the Middle East, Saudi Aramco 2222.SE shares surged 10%
above their initial public offering price on their first day of
trading. That gave the state-controlled oil company a market
value of about $1.88 trillion, making it the world's most
valuable listed company.
Oil prices fell after U.S. crude stocks clocked a surprise
rise in the most recent week while gasoline and distillate
inventories also rose, data from industry group the American
Petroleum Institute shows.
Brent futures LCOc1 slid 89 cents to $63.45 a barrel. West
Texas Intermediate crude CLc1 slipped 68 cents to $58.56 a
barrel.
Gold rose as the U.S.-China trade deadline approached. Spot
gold XAU= added 0.6% to $1,472.26 an ounce.