Major Gulf markets gain on US rate cut hopes

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Major stock markets in the Gulf rose in early trade on Wednesday as investor confidence grew that the U.S. Federal Reserve will cut interest rates this month.Markets are now looking forward to the U.S. non-farm payrolls data, due on Friday, to determine the size of the Fed's potential rate cut later this month.The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.U.S. rate futures are pricing in a 92% chance of a 25-basis-point Fed rate cut at the end of the two-day policy meeting on September 17, according to CME Group's FedWatch tool.Saudi Arabia's benchmark index TADAWUL:TASI rose 0.2%, helped by a 2.4% gain in Umm al Qura for Development and Construction TADAWUL:4325.The kingdom's non-oil private sector growth was stable in August, with business activity expanding at a slightly quicker pace than in July, as new orders increased, a survey showed on Wednesday.Dubai's main share index DFM:DFMGI added 0.1%, with top lender Emirates NBD DFM:EMIRATESNBD rising 1.8%.In Abu Dhabi, the index ADX:FADGI gained 0.6%.Oil prices - a catalyst for the Gulf's financial markets - eased in Asia but held near one-month highs on the back of new U.S. sanctions on a network of shipping companies and vessels, while traders looked ahead to an OPEC+ meeting over the weekend.The Qatari index QSE:GNRI was up 0.1%, with the Gulf's biggest lender Qatar National Bank QSE:QNBK climbing 0.8%.

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