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Gulf markets gain as US inflation data eyed

1 min

Most stock markets in the Gulf ended higher on Tuesday as investors await key U.S. economic data due later in the week.

Markets have already pushed out the potential timing of first easing of rates from May to June © Mena Today 

Most stock markets in the Gulf ended higher on Tuesday as investors await key U.S. economic data due later in the week.

Inflation data from several major economies and manufacturing figures out of China are in focus this week.

Most closely monitored will be Thursday's release of the U.S. personal consumption expenditures price index, which the Federal Reserve uses to track its 2% inflation target.

Markets have already pushed out the potential timing of first easing of rates from May to June, with the current probability priced at around 70%. Futures imply a little more than three quarter-point cuts this year, down from five at the beginning of the month.

Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually followed by Qatar, the United Arab Emirates and Saudi Arabia.

Reuters 

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