Most Gulf bourses gain ahead of US inflation data | Reuters

Most Gulf bourses gain ahead of US inflation data | Reuters

Most major stock markets in the Gulf rose in early trade on Thursday ahead of U.S. inflation data that will offer clues on the Federal Reserve's timeline for monetary policy easing.

Investors have turned their focus on the U.S. December consumer price index report (CPI) due later in the day, where a soft print could lift rate cut bets for March. Currently, CME's FedWatch Tool is showing a 66% chance of a cut.

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

Saudi Arabia's benchmark index (.TASI) gained 0.6%, on track to snap a three-day losing streak, with digital solutions provider Elm Co (7203.SE) advancing 1.9%, while oil giant Saudi Aramco (2222.SE) added 0.3%.

Oil prices - a catalyst for the Gulf's financial markets - edged higher on concerns about escalating conflict in the Middle East with more attacks on Gaza and on shipping in the Red Sea, even as a surprise build in U.S. crude stockpiles capped gains.

In Qatar, the index (.QSI) climbed 0.4%, led by a 0.6% increase in Qatar Islamic Bank (QISB.QA) and a 2.2% jump in Qatar Navigation (QNNC.QA).

However, Qatar National Bank (QNBK.QA), the Gulf's biggest lender, was almost flat ahead of its earnings announcement.

The Abu Dhabi index (.FTFADGI) was up 0.5%, with the country's top lender First Abu Dhabi Bank (FAB.AD) advancing 2.5%.

Dubai's main share index (.DFMGI), however, eased 0.2%, hit by a 0.9% fall in Emirates NBD Bank (ENBD.DU).

Separately, Dubai-based Al Habtoor Group has issued a notice of investment treaty dispute against Lebanon related to its investments in the country, the family-owned conglomerate said in a statement on Wednesday.