MIDEAST STOCKS-Gulf markets tumble after Fed dashes hopes for more rate cuts - Reuters:
Gulf stocks dropped on Thursday after the U.S. Federal Reserve cut interest rates by 25 basis points but, significantly, signalled the move may not mark the beginning of a long easing cycle.
Markets had been looking for the Fed to signal that more cuts were coming.
Central banks in Saudi Arabia, the United Arab Emirates and Qatar followed the move, cutting their rates by the same margin. Their currencies are pegged to the U.S. dollar and they follow the Fed on interest rate moves.
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