Most Gulf markets rise ahead of US inflation data | Reuters

Most Gulf markets rise ahead of US inflation data | Reuters

Most major stock markets in the Gulf rose in early trade on Monday ahead of crucial U.S. inflation data that could provide cues about the Federal Reserve's interest rate trajectory.

The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI) gained 0.3%, helped by a 0.7% rise in Al Rajhi Bank (1120.SE) and a 1.7% increase in Riyad Bank (1010.SE).

Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, began marketing its initial public offering on Sunday, seeking between 12.50 riyals and 13.50 riyals per share.

However, the index's losses were limited by a 1.6% fall in oil giant Saudi Aramco (2222.SE).

Oil prices - which fuels the Gulf economy - eased as a stronger U.S. dollar and economic concerns in China weighed on the outlook for fuel demand, but extended supply cuts by Saudi Arabia and Russia helped keep the Brent above $90 a barrel.

Dubai's main share index (.DFMGI) dropped 0.3%, with toll operator Salik Company (SALIK.DU) losing 1.8% and utility firm Dubai Electricity and Water Authority (DEWAA.DU) retreating 1.2%.

In Abu Dhabi, the index (.FTFADGI) added 0.1%.

The Qatari benchmark (.QSI) gained 0.3%, buoyed by a 4.4% jump in sharia-compliant lender Masraf Al Rayan (MARK.QA).