Most Gulf markets gain ahead of US job data, Fed

Most major stock markets in the Gulf rose in early trade on Wednesday as investors awaited US economic data and speeches from policymakers that are expected to make the case for rate cuts, reports Reuters.
Preliminary revisions to US labour data are due later on Wednesday and a large downward revision is expected, which would support cutting interest rates. US and global purchasing managers' index surveys are due on Thursday.
Federal Reserve Chair Jerome Powell's speech on Friday at the Jackson Hole economic symposium will be parsed for any hints on the likely size of a rate cut next month.
Interest rate futures have priced in a 25 basis point US rate cut next month, with a 1/3 chance of a 50 bp cut. Almost 100 bps in cuts are priced in for this year, and another 100 bps next year.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions as most regional currencies are pegged to the US dollar.
Saudi Arabia's benchmark stock index gained 0.4 per cent, with aluminium products manufacturer Al Taiseer Group rising 0.8 per cent and Al Rajhi Bank advancing 2.1 per cent. However, oil giant Saudi Aramco fell 1.6 per cent.
Oil prices - a catalyst for the Gulf's financial markets - slipped on estimates showing swelling US crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.
Dubai's main share index edged 0.1 per cent higher, helped by a 2.4 per cent rise in Emirates Central Cooling Systems Corp.
In Abu Dhabi, the benchmark stock index climbed 0.1 per cent.
The Qatari benchmark eased 0.5 per cent, dragged down by a 1.7 per cent fall in petrochemical maker Industries Qatar.