Stock markets in the Gulf ended mixed on Monday amid weak oil prices and ahead of U.S. economic data and comments from Federal Reserve officials this week.

In Qatar, the index fell 0.2%, hit by a 1.1% fall in Qatar Gas Transport Nakilat and a 0.4% decreased in petrochemical maker Industries Qatar.

Oil prices - a catalyst for the Gulf’s financial markets - fell, after China’s stimulus plan disappointed investors hoping to see growth in demand for fuel from the world’s No. 2 oil consumer, and as the U.S. dollar edged higher.

Looking ahead, there were also concerns that U.S. oil and gas output could rise under the new Trump administration, although analysts say 2025’s production forecast is unlikely to change.

Saudi Arabia’s benchmark index recovered early losses to finish flat. The Abu Dhabi index eased 0.1%.

Several Fed officials, including Chair Jerome Powell, are scheduled to speak this week, when U.S. consumer and producer price index data, weekly jobless claims and retail sales figures are also due.

Traders see a 65% chance of another 25-basis-point Fed rate cut in December and a 35% chance of no change, according to the CME Fedwatch tool.

Most Gulf markets ease on weak oil, ahead of US data

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

Dubai’s main share index added 0.3%, with blue-chip developer Emaar Properties advancing 1.3% ahead of its earnings announcement.

Separately, Talabat, the Middle East business of Delivery Hero, will list on the Dubai Stock Exchange in mid-December, floating 15% of its issued shares, its German parent said on Sunday.

Outside the Gulf, Egypt’s blue-chip index gained 0.7%, with Telecom Egypt jumping 6.7%, after the firm signed several service agreements with Vodafone Egypt for infrastructure services.

---------------------------------------- SAUDI ARABIA    closed flat at 12,106 ABU DHABI       fell 0.1% to 9,436 DUBAI           gained 0.3% to 4,652 QATAR           dropped 0.2% to 10,605 EGYPT           added 0.7% to 31,621 BAHRAIN         was up 0.1% to 2,207 OMAN            lost 0.7% to 4,683 KUWAIT          gained 0.7% to 7,785----------------------------------------