Gulf stocks ease, tracking Asia lower as investors brace for US data

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By Md Manzer Hussain Gulf equities were muted in early trade on Tuesday, tracking a cautious tone in Asian markets, as investors awaited a slate of U.S. data that could help gauge the Federal Reserve's policy path next year.A combined U.S. employment report for October and November is due on Tuesday, while a measure of the country's inflation reading is expected on Thursday.The Fed last week cut interest rates and signalled one more reduction in 2026, while markets are pricing in at least two additional cuts next year, underscoring the importance of upcoming economic data.U.S. monetary policy moves are closely watched in the Gulf, where most currencies are pegged to the dollar. The Qatari benchmark index QSE:GNRI fell 0.4%, with almost all constituents in negative territory. Qatar Islamic Bank QSE:QIBK slipped 1%, while Qatar Navigation QSE:QNNS lost 0.7%.Saudi Arabia's benchmark stock index TADAWUL:TASI edged down 0.1%, with most sectors weaker, led by healthcare, IT and materials. Dallah Healthcare TADAWUL:4004 dropped 1.8% and Saudi Chemical Holding TADAWUL:2230 declined 1.9%. Saudi Arabia Refineries TADAWUL:2030 climbed 2.8% after announcing the establishment of a new subsidiary, while SAL Logistics TADAWUL:4263 gained 1.4% on a cargo-handling deal with Syrian Airlines.The Abu Dhabi benchmark index ADX:FADGI traded in a tight range as advances in telecoms, real estate and financials were offset by losses elsewhere. Abu Dhabi Commercial Bank ADX:ADCB rose 1% and Two Point Zero Group ADX:2POINTZERO added 1.1%, while conglomerate Alpha Dhabi ADX:ALPHADHABI slipped 2% and Abu Dhabi Ports Co ADX:ADPORTS eased 0.9%.AD Ports said on Monday it had signed a memorandum of understanding with Kuwait Ports Authority to develop and operate the container terminal at Kuwait's Shuaiba port under a concession agreement.Dubai's benchmark stock index DFM:DFMGI was down 0.1%, pressured by a 4.1% drop in Mashreqbank DFM:MASQ and a 9.9% slide in Gulf Navigation Holding DFM:GULFNAV.

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