Major Gulf markets in the red ahead of US inflation data

Major stock markets in the Gulf fell in early trade on Tuesday with investors focusing on macroeconomic data that could indicate whether interest rates will rise further in the United States, reports Reuters.
The US Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6 per cent month-on-month for August, likely taking the year-on-year rate to 3.6 per cent, according to a Wells Fargo research note.
The Federal Reserve is widely expected to leave interest rates unchanged at a policy meeting next week, though views are split over whether the Fed will hike or pause again in November.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the US dollar.
Saudi Arabia's benchmark index dropped 0.3 per cent, with Dr Sulaiman Al Habib Medical Services losing 3 per cent, while oil giant Saudi Aramco declined 0.7 per cent.
Dubai's main share index eased 0.3 per cent, with toll operator Salik losing 1.2 per cent.
In Abu Dhabi, the index was down 0.1 per cent.