Most Gulf markets rise on US rate cut prospects

DUBAI: Most stock markets in the Gulf ended higher on Monday as investor sentiment remained upbeat on hopes of a September rate cut in the United States.

The Federal Reserve is expected to kick off a rate-cutting cycle at its monetary policy meeting on Sept. 17-18. Traders currently see a 67% chance of a 25 basis-point (bp) reduction by the U.S central bank this month and a 33% chance of a 50-bp cut, according to the CME FedWatch tool.

Investors await the US ISM manufacturing and services prints, along with JOLTS job openings, ADP private payrolls and jobless claims data this week.

Focus will be on the US jobs report, due on Friday, which could be key for investors to gauge the size of potential rate cuts by the Federal Reserve this month.