Traders await the U.S. ADP employment report due at 1315 GMT alongside Powell's speech. Friday's monthly U.S. payroll data and next week's CPI data are also on investors' radar.
Markets are now ascribing a 72% chance of a 25 basis point cut this month, with 80 bps of cuts expected by the end of next year.
The Fed's decisions significantly impact the Gulf region's monetary policy, as most currencies in the region are pegged to the U.S. dollar.
The Fed's decisions significantly impact the Gulf region's monetary policy, as most currencies in the region are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, led by a 10% rise in Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab
Separately, the kingdom's healthcare provider Almoosa Health plans to raise as much as 1.688 billion riyals ($449.15 million) from selling a 30% stake in the company via an initial public offering on the Riyadh bourse, it said on Wednesday.
Dubai's main share index (.DFMGI), opens new tab, which resumed trade after a two-session break, rose 0.1%, helped by a 5% jump in Parkin (PARKIN.DU), opens new tab after HSBC upgraded the stock to "buy" from "hold" and raised its price target to 5.5 dirhams from 3.3 dirhams.
Parkin, which oversees public parking operations in the Emirates, received notification from the Roads and Transport Authority last week approving a variable parking tariff policy in Dubai, effective March 2025.
The Abu Dhabi index (.FTFADGI), opens new tab - which also resumed trading following a two-day break - increased 0.3%.
In Qatar, the index (.QSI), opens new tab, however, fell 0.5%, hit by a 0.9% fall in Qatar Islamic Bank (QISB.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, with Fawry for Banking Technology and Electronic Payment (FWRY.CA), opens new tab.
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