Gulf shares mixed on Fed rate cut uncertainty

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By Md Manzer Hussain Gulf stocks put in a mixed performance in early trade on Monday as investors turned cautious ahead of this week’s Jackson Hole symposium for clues on the U.S. Federal Reserve’s next policy move.U.S. data on Friday showed July retail sales rose as expected, but weaker consumer confidence and softer factory output suggested tariffs were weighing on parts of the economy, clouding the Fed’s rate path. Traders are pricing about an 85% chance of a 25-basis-point cut on September 17, and further easing by year-end.Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.Saudi Arabia's benchmark stock index TADAWUL:TASI fell 0.3%, snapping two sessions of gains, with most constituents lower. Saudi National Bank TADAWUL:1180, the kingdom's largest lender by assets, dropped 1.2% and Al Nahdi Medical TADAWUL:4164 lost 1.6%. Sumou Real Estate TADAWUL:4323 rose 1.7% after winning an infrastructure development contract in Jeddah.The Qatari benchmark index QSE:GNRI slipped 0.5%, dragged by declines in blue chips. Qatar Islamic Bank QSE:QIBK eased 1% and Industries Qatar QSE:IQCD fell 1.1%.The Abu Dhabi benchmark index ADX:FADGI was up 0.1% aided by a 1.3% rise in Abu Dhabi Commercial Bank ADX:ADCB and a 1.6% gain in Lulu Retail ADX:LULU.Dubai's benchmark stock index DFM:DFMGI added 0.3%, supported by real estate, industrial and financial shares. Emaar Properties DFM:EMAAR gained 1.7% and toll operator Salik DFM:SALIK climbed 1.9%.

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