Page 86 - SALIK PR REPORT SEPTEMBER 2024

Published 14:45 IST, September 10th 2024
Major Gulf markets gain, key US inflation data in focus

Market pricing points to about 110 bps of cuts expected from
the US central bank this year.

Reported by: Thomson Reuters

Major stock markets in the Gulf rose in early trade on Tuesday ahead of a key
US inflation data that could affect the size of the Federal Reserve's interest
rate cut next week.

Investors remained focused on the US 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.

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Market pricing points to about 110 bps of cuts expected from the US central
bank this year.

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.

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