Gulf shares mixed in early trade, Powell's speech awaited | Reuters

Gulf shares mixed in early trade, Powell's speech awaited | Reuters

Stock markets in the Gulf were mixed in early trading on Thursday after the minutes from the most recent meeting of the U.S Federal Reserve cemented expectations for a September rate cut.

The Fed's minutes showed policymakers in the U.S. were ready to start cutting interest rates as soon as September.

Interest-rate futures have fully priced in a 25-basis-point U.S. rate cut next month, with a one-in-three chance of a 50-bp cut. FEDWATCH

The U.S central bank's Chair Jerome Powell's impending speech at the Jackson Hole economic symposium on Friday will be parsed for any hints on the likely size of a rate cut next month.

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.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab edged up 0.1%, with Multiply Group (MULTIPLY.AD), opens new tab rising 3.7% and ADNOC Gas (ADNOCGAS.AD), opens new tab advancing 1.3%, while Phoenix Group (PHX.AD), opens new tab slipped 1.7%.

The cryptomining and blockchain conglomerate Phoenix said on Wednesday it had partnered with cryptocurrency firm Tether to launch a stablecoin pegged to the UAE dirham.

Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.3% in early trading, with most of its constituents posting gains. Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, rose 0.4% and Dr Sulaiman Al Habib Medical (4013.SE), opens new tab advanced 1.4%.

Dubai's benchmark stock index (.DFMGI), opens new tab fell 0.1%. The tolls operator Salik (SALIK.DU), opens new tab dropped 1.8% and Commercial Bank of Dubai(CBD.DU), opens new tab slipped 5.5%.

Tecom Group(TECOM.DU), opens new tab, however, gained 1.8% after business park operator said it completed acquisition of new commercial and industrial assets as part of an 1.7 billion dirhams strategic plan.

The Qatari benchmark index (.QSI), opens new tab was down 0.1%, pressured by losses in finance, real estate and materials sectors with Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, sliding 0.5% and Mesaieed Petrochemical (MPHC.QA), opens new tab dropping 0.5%.