Most Gulf markets gain on US data

DUBAI: Most stock markets in the Gulf ended higher on Wednesday as investors assessed the prospects of a pivot in policy tightening by major central banks in early 2023 especially after the latest US data showed a slowdown in inflation.

The US consumer price index increased 0.1 percent last month, 0.2 percentage points slower than economists expected. In the 12 months through November, headline CPI climbed 7.1 percent - its slowest pace in about a year.

All eyes are now on the US Federal Reserve’s policy decision due later in the day. While a 50-basis-point hike to a range of 4.25 percent to 4.5 percent is almost fully priced in, investors will be looking for clues on the future pace of hikes as well as commentary on the economy. Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.