Major Gulf markets gain, key US inflation data in focus

Major stock markets in the Gulf rose in early trade on Tuesday ahead of a key US inflation data that could affect the size of the Federal Reserve's interest rate cut next week, reports Reuters.
Investors remained focused on the US consumer price index report, due Wednesday, which would likely provide clarity on whether the Fed could deliver an outsized 50-basis-point cut when it meets on Sept. 17-18.
Market pricing points to about 110 bps of cuts expected from the US central bank this year.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including the UAE, is usually guided by the Fed's policy decisions because most currencies in the region are pegged to the dollar.
Saudi Arabia's benchmark index gained 0.3 per cent, with Al Taiseer Group rising 0.7 per cent and Al Rajhi Bank up 1.6 per cent.
Dubai's main share index added 0.5 per cent, led by a 3.1 per cent jump in toll operator Salik Company.
In Abu Dhabi, the index was up 0.3 per cent.
The United Arab Emirates' economy grew 3.4 per cent in the first quarter of 2024 compared with the same period the previous year, according to preliminary government estimates reported by the state news agency WAM on Monday.
The Qatari benchmark increased 0.6 per cent, with the Gulf's biggest lender Qatar National Bank advancing 1.7 per cent.
Among other gainers, Vodafone Qatar rose 0.2 per cent. The telecom firm signed a 5-year partnership agreement with Microsoft.