Major stock markets in the Gulf were subdued on Tuesday amid concerns of weak oil demand, even as rising expectations of a U.S. interest rate cut next month provided some support.
Oil prices, a catalyst for the Gulf's financial markets, edged lower on easing worries about a supply disruption in the Middle East and as worries about China's economic weakness also weighed on the demand outlook.
In Qatar, the index (.QSI), opens new tab eased 0.1%, with Qatar International Islamic Bank (QIIB.QA), opens new tab losing 1.2%.
Dubai's main share index (.DFMGI), opens new tab lost 0.1%, with Parkin Co (PARKIN.DU), opens new tab, which oversees public parking operations in the Emirates, down 1.4%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was flat.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher in choppy trade, helped by a 1% rise in Al Rajhi Bank (1120.SE), opens new tab.
Oil giant Saudi Aramco (2222.SE), opens new tab was down 0.7%.
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely.
Fed policymakers have in recent days signalled a potential rate easing in September.
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.
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