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Major Gulf markets gain, key US

inflation data in focus

By Reuters
September 10, 20241:18 PM GMT+4Updated a day ago

A woman walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab
Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Purchase Licensing Rights, opens new tab

Sept 10 (Reuters) - Major stock markets in the Gulf rose in early trade on Tuesday ahead of
a key U.S. inflation data that could affect the size of the Federal Reserve's interest rate cut
next week.

Investors remained focused on the U.S. 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 U.S. central bank this
year. FEDWATCH
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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.

https://www.reuters.com/world/middle-east/major-gulf-markets-gain-key-us-inflation-data-focus-
2024-09-10/