Most Gulf markets track Asian shares higher | Reuters

Most Gulf markets track Asian shares higher | Reuters

Most major stock markets in the Gulf rose in early trade on Tuesday tracking Asian shares, as investors look to U.S inflation numbers due this week, which could provide clarity on when the Federal Reserve might start cutting interest rates.

Overnight, the New York Fed's latest Survey of Consumer Expectations showed that U.S. consumers' projections of inflation over the short run fell to the lowest level in nearly three years in December.

That reinforced bets for Fed cuts to begin soon, though some analysts say the market pricing of monetary easing is overdone.

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 0.3%, with oil company Saudi Aramco (2222.SE) rising 0.6%.

Elsewhere, media giant MBC Group (4072.SE) surged 30%, on course to extend gains from the previous session when it jumped 30% on its market debut.

Newly listed stocks in Riyadh are allowed to rise or fall up to 30% on their first three days of trading.

The kingdom launched a $12 billion, three-part bond issue on Monday, generating more than $30 billion in orders amid strong investor demand.

Dubai's main share index (.DFMGI) added 0.6%, with utility firm Dubai Electricity and Water Authority (DEWAA.DU) increasing 1.2%.

In Abu Dhabi, the index (.FTFADGI) climbed 0.5%.

The Qatari benchmark (.QSI), however, eased 0.1%, hit by a 0.3% decrease in Qatar Islamic Bank (QISB.QA).