Stock markets in the Gulf were mixed in early trading on Thursday after the minutes from the most recent meeting of the U.S Federal Reserve cemented expectations for a September rate cut.

The Fed’s minutes showed policymakers in the US were ready to start cutting interest rates as soon as September.

Interest-rate futures have fully priced in a 25-basis-point US rate cut next month, with a one-in-three chance of a 50-bp cut.

The U.S central bank’s Chair Jerome Powell’s impending speech at the Jackson Hole economic symposium on Friday will be parsed for any hints on the likely size of a rate cut next month.

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.

The Abu Dhabi benchmark index edged up 0.1%, with Multiply Group rising 3.7% and ADNOC Gas advancing 1.3%, while Phoenix Group slipped 1.7%.

The cryptomining and blockchain conglomerate Phoenix said on Wednesday it had partnered with cryptocurrency firm Tether to launch a stablecoin pegged to the UAE dirham.

Saudi Arabia’s benchmark stock index was up 0.3% in early trading, with most of its constituents posting gains.

Saudi National Bank, the kingdom’s largest lender, rose 0.4% and Dr Sulaiman Al Habib Medical advanced 1.4%. Dubai’s benchmark stock index fell 0.1%.

Most stock markets in Gulf gain ahead of US job data, Fed minutes

The tolls operator Salik dropped 1.8% and Commercial Bank of Dubai slipped 5.5%. Tecom Group, however, gained 1.8% after business park operator said it completed acquisition of new commercial and industrial assets as part of an 1.7 billion dirhams strategic plan.

The Qatari benchmark index was down 0.1%, pressured by losses in finance, real estate and materials sectors with Qatar National Bank, the region’s largest lender, sliding 0.5% and Mesaieed Petrochemical dropping 0.5%.