Major Gulf markets slip ahead of US inflation data

Major stock markets in the Gulf fell in early trade on Wednesday tracking Asian shares lower ahead of US inflation data, which could provide potential cues into the US Federal Reserve's rate trajectory, reports Reuters.
Most Gulf Cooperation Council countries have their currencies pegged to the US dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy.
MSCI's broadest index of Asia-Pacific shares outside Japan had fallen on Tuesday and inched down a further 0.4 per cent on Wednesday.
Saudi Arabia's benchmark index eased 0.2 per cent, with Saudi Electricity Co SJSC declining 5.1 per cent as the utility firm reported a fall in quarterly profit.
Separately, Saudi Arabia, which pledged to cut production by 500,000 bpd from May, has informed buyers in Asia that it will supply full crude oil volumes requested for June.
Some Chinese refiners may have asked for less supply, sources said, which would help the world's top oil exporter meet its lower output target.
Dubai's main share index dropped 0.5 per cent, with blue-chip developer Emaar Properties PJSC losing 1.2 per cent and Emirates Central Cooling Systems Corporation PJSC falling 1.8 per cent.
In Abu Dhabi, the index eased 0.1 per cent.