Gulf markets end mixed as traders temper rate cuts

DUBAI: Stock markets in the Gulf ended mixed on Monday after a robust US jobs report dashed expectations of a near-term interest rate cut from the Federal Reserve.

Data on Friday showed US job growth accelerated in January and wages increased by the most in nearly two years, signs of persistent strength in the labour market that encourage the Fed to start easing later rather than sooner.

Most Gulf Cooperation Council countries, including the United Arab Emirates (UAE), peg their currencies to the US dollar and follow the Fed’s policy moves closely.