Most Gulf markets in black ahead of US inflation test | Reuters

Most Gulf markets in black ahead of US inflation test | Reuters

Most stock markets in the Gulf ended higher on Thursday as traders awaited key U.S. data that was expected to show inflation easing and pave the way for the Federal Reserve to start its long-awaited interest-rate cut cycle in September.

Fed Chair Jerome Powell told lawmakers on Capitol Hill on Wednesday "more good data" would build the case for the U.S. central bank to cut interest rates. Futures pricing implies about a 75% chance of a cut in September.

Economists forecast annual U.S. CPI slowed to 3.1% in June from 3.3% in May.

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

Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 5.2% jump in Al Taiseer Group (4143.SE), opens new tab.

Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab gained 0.2%.

Aramco expects to raise $6 billion from its three-part bond sale on Wednesday, the oil giant's first foray into the debt markets in three years, a document showed.

Dubai's main share index (.DFMGI), opens new tab gained 0.3%, with budget airliner Air Arabia (AIRA.DU), opens new tab rising 2.1% and top lender Emirates NBD (ENBD.DU), opens new tab increasing 0.3%.

In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.1%.

Crude prices - a catalyst for the Gulf's financial markets - were stable with the Brent benchmark holding above $85 a barrel, as investors balanced a bleaker demand growth view from the International Energy Agency with a indications of growing U.S. consumption.

The Qatari benchmark (.QSI), opens new tab closed 0.2% higher, with Qatar Navigation (QNNC.QA), opens new tab advancing 1.3%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 0.6%, hit by a 1.6% fall in Talaat Mostafa Holding (TMGH.CA), opens new tab.