Gulf: Major stock markets in the Gulf rose in early trade on Monday after Federal Reserve Chair Jerome Powell signalled that the US central bank will most likely cut interest rate in September. Powell on Friday endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the Fed’s 2% target. US personal consumption and core inflation data are due on Friday. Analysts are expecting the data to be benign enough to allow for rate cuts next month. Fed fund futures are fully priced for a quarter-point cut at the Sept. 18 meeting, and imply a 38% chance of an outsized move of 50 basis points. The market also has 103 basis points of easing priced in for this year and another 122 basis points in 2025. Web Desk
