Major Gulf markets ease as earnings underwhelm

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Major Gulf stock markets edged lower in early trade on Wednesday, weighed down by lacklustre corporate earnings and as investors monitored global trade developments ahead of a looming U.S. tariff deadline.Investors turned more cautious after trade talks between the U.S. and China ended without any substantive agreement.U.S. President Donald Trump's tariff policies continue to fuel worries over global growth, with potential slowdowns in trade and consumption threatening energy demand and the fiscal stability of oil-dependent Gulf economies.Saudi Arabia's benchmark index TADAWUL:TASI dipped 0.1%, pressured by a string of uneven earnings across key sectors. Halwani Brothers TADAWUL:6001 fell 3.8% while Nahdi Medical TADAWUL:4164 slipped 4.5% after the firms reported a drop in their second-quarter profits, with Halwani’s profit collapsing nearly 85%.Dubai's benchmark index DFM:DFMGI was flat, pausing after a nearly two-decade high in the previous session, weighed down by a 1.9% drop in Mashreqbank DFM:MASQ, which posted a 17% year-on-year decline in second-quarter profit.The Abu Dhabi index ADX:FADGI edged slightly lower as mixed earnings tempered investor appetite, disrupting the momentum built from the previous week's robust results. Americana Restaurants International ADX:AMR and ADNOC Drilling ADX:ADNOCDRILL added nearly 0.5% each, after the former's second-quarter earnings rose year-on-year but missed estimates, while the latter held its full-year outlook steady despite posting solid gains.Qatar's benchmark index QSE:GNRI slipped 0.1% amid broad-based declines, as investors continued to lock in profits following a recent rally that pushed the index to a more than two-and-a-half-year high. Qatar Islamic Bank QSE:QIBK led losses, falling nearly 1%.Investors across the region remained focused on the U.S. Federal Reserve's policy decision, due later in the day. While the Fed is widely expected to hold interest rates steady, markets are bracing for possible dissent by some central bank officials in favour of lower borrowing costs.The Fed's stance holds significant implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it a key anchor for regional monetary stability.

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