Major Gulf markets ease, #Saudi to snap 4-day winning streak | Reuters

Major Gulf markets ease, Saudi to snap 4-day winning streak | Reuters

Major stock markets in the Gulf fell in early trade on Monday as the markets have already priced in global monetary policy easing for next year.

Markets have all but priced out the risk of a further hike in U.S. policy interest rates in December or next year, and imply a 30% chance of an easing starting in March. FEDWATCH

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.

Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course to snap four sessions of gains, with ACWA Power (2082.SE) losing 0.7% and Saudi Electricity Co (5110.SE) retreating 0.5%.

Oil giant Saudi Aramco (2222.SE) has discovered two new natural gas fields in the Empty Quarter region, the state news agency quoted Saudi energy minister Prince Abdulaziz bin Salman as saying on Sunday.

However, Aramco was down 0.6%.

Dubai's main share index (.TASI) was flat.

In Abu Dhabi, the index (.FTFADGI) eased 0.1%, hit by a 0.4% drop in the country's biggest lender First Abu Dhabi Bank (FAB.AD).

There were media reports Israel, the U.S. and Hamas had reached a tentative agreement to free dozens of hostages in Gaza in exchange for a five-day pause in fighting, but no confirmation as yet.

The Qatari benchmark (.QSI) declined 0.4%, weighed down by a 1.1% fall in the Gulf's biggest lender Qatar National Bank (QNBK.QA).