Major stock markets in the Gulf fell in early trade on Monday, as recession worries persisted amid concern the Federal Reserve will continue its steep interest rate hikes.

US Federal Reserve Chair Jerome Powell headlines a host of policy makers at Jackson Hole later in the week and the risks are that he will not meet investor hopes for a dovish pivot on policy.

A Reuters poll of economists forecast the Fed will raise rates by 50 basis points in September, with the risks skewed towards a higher peak.

Saudi Arabia’s benchmark index eased 0.2%, with Retal Urban Development Co losing 0.9%, while Saudi Aramco retreated 1.3% as the oil giant traded ex-dividend.

Elsewhere, Saudi Electricity Co retreated 2.6% after the utility firm reported a decline in quarterly earnings. Dubai’s main share index dropped 0.3%, hit by a 1.2% fall in blue-chip developer Emaar Properties.

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Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF).

Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.

In Abu Dhabi, the index lost 0.4%, with telecoms firm e&, formerly know as Emirates Telecommunications, falling 1.3%.

Crude prices, a key catalyst for the Gulf’s financial markets, slumped as investors were concerned aggressive US interest rate hikes will weaken the global economy and dent fuel demand while a strengthening dollar also added to pressure.

The Qatari benchmark was down 0.6%, extending losses from the previous session, weighed down by a 5.1% slide in Qatar Navigation.