DUBAI: Gulf stock markets tracked global equities lower in early trade on Tuesday, as caution prevailed ahead of delayed US economic data that could provide cues on the Federal Reserve’s policy easing timeline, while weaker oil prices also dampened sentiment.
The September US non-farm payrolls report will be released on Thursday.
Markets have trimmed bets on a December Fed rate cut, now pricing in just over a 40 percent chance of a 25-basis-point reduction, down from more than 60percent earlier this month. Monetary policy shifts in the US have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Meanwhile, oil, a key driver for Gulf financial markets, fell nearly 1percent as supply concerns eased with the resumption of loadings at a Russian export hub. Brent crude was trading at $63.64 a barrel by 0810 GMT.
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