#UAE stock markets edge higher on rising oil prices, Fed rate cut hopes | Reuters

UAE stock markets edge higher on rising oil prices, Fed rate cut hopes | Reuters

Stock markets in the United Arab Emirates edged higher on Friday, buoyed by rising oil prices and growing expectations of a U.S. Federal Reserve rate cut next month.

While the Fed has maintained a cautious tone on further monetary easing amid a dearth of economic data caused by the prolonged U.S. government shutdown, several influential policymakers have signalled openness to additional cuts.

Recent comments from New York Fed President John Williams and Governor Christopher Waller, suggesting a December move may be warranted, have strengthened dovish market bets.

Dubai's benchmark index (.DFMGI), opens new tab rose 0.4% to 5,837, extending gains from the previous session, lifted by real estate and utilities stocks.

Blue-chip developer Emaar Properties (EMAR.DU), opens new tab added 0.8%, while its unit Emaar Development (EMAARDEV.DU), opens new tab advanced 2.1%. Dubai Electricity and Water Authority (DEWAA.DU), opens new tab, the state-owned utility, climbed 1.9%.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab gained 0.4% to 9,747, snapping a five-session losing streak. First Abu Dhabi Bank (FAB.AD), opens new tab edged up 0.1%, while Abu Dhabi Commercial Bank (ADCB.AD), opens new tab jumped 4.8%, marking its sharpest intraday gain in over two months.

For November, Dubai's index fell 3.7%, its steepest monthly decline this year after March, while Abu Dhabi's benchmark shed 3.5%, according to LSEG data.