Most Gulf markets ease ahead of US inflation print

Most stock markets in the Gulf fell in early trade on Wednesday, tracking Asian shares lower ahead of key US inflation data later in the day, which could signal the pace of Federal Reserve policy easing, reports Reuters.
The Consumer Price Index (CPI) report, scheduled for release at 1230 GMT, is expected to rise 0.3 per cent, though anything above that could further reduce the chance of a December easing.
Traders currently lay 62 per cent odds for the Fed to cut rates by a quarter point on Dec. 18 at the conclusion of its next policy meeting, according to CME Group's FedWatch Tool. A week earlier, the probability was 77 per cent.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the US dollar.
Saudi Arabia's benchmark index dropped 0.9 per cent, weighed down by a 0.5 per cent fall in aluminium products manufacturer Al Taiseer Group and a 1.8 per cent decline in Al Rajhi Bank.
Meanwhile, crude oil - a catalyst for the Gulf's financial markets - continued to hover near its lowest levels this month after OPEC on Tuesday cut its forecast for global oil demand growth this year and next, highlighting weakness in China and some other regions.
Lower prices and disruptions to crude exports impact fiscal balances in countries reliant on oil income.
Oil behemoth Saudi Aramco lost 0.4 per cent.
Dubai's main share index eased 0.3 per cent, hit by a 2.3 per cent fall in Emaar Development. The developer surged more than 10 per cent after reporting a higher nine-month net profit.