Most Gulf stock markets rose in early Wednesday trade, on course to extend their comeback from an aggressive sell-off in global stocks earlier in the week triggered by fears of a possible US recession.

US Federal Reserve policymakers pushed back on Monday against the notion that weaker than expected July jobs data means that the economy is in a recessionary freefall.

Markets are pricing in a 65% chance of the Fed cutting interest rates by 50 basis points in September, the CME FedWatch tool shows, compared with 85% a day ago.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions as most regional currencies are pegged to the US dollar.

Saudi Arabia’s benchmark index gained 0.8%, with oil giant Saudi Aramco advancing 1.7%.

Aramco will buy from Japan’s Sumitomo Chemical a 22.5% stake in their petrochemical joint venture Petro Rabigh for $702 million, the companies said on Wednesday, outlining a turnaround strategy for the loss-making venture.

On Monday, Aramco reported a second-quarter net profit of 109.01 billion riyals ($29.04 billion), beating a company-provided median estimate from 15 analysts of $27.7 billion.

Dubai’s main share index rose 2%, led by a 4.2% jump in blue-chip developer Emaar Properties.

Most Gulf markets rebound as Fed calms investor nerves

Meanwhile, Dubai’s main airport is on track to handle a record number of passengers this year after an 8% year-on-year increase in the first six months, operator Dubai Airports said on Wednesday. In Abu Dhabi, the index added 1.4%.

The Qatari benchmark, however, eased 0.2%, hit by a 0.1% decrease in the Gulf’s biggest lender Qatar National Bank .