Mideast Stocks: Major Gulf Markets Edge Higher As Investors Assess Trump’s Tax Bill

Major stock markets in the Gulf edged higher in early trade on Tuesday in line with Asian shares as markets awaited a U.S. Senate vote on President Donald Trump's landmark tax and spending legislation.

U.S. Senate Republicans on Monday evening were still trying to pass Trump's sweeping tax-cut and spending bill, despite divisions within the party about its expected $3.3 trillion hit to the nation's debt pile.

Saudi Arabia's benchmark index gained 0.3%, helped by a 4.3% jump in ACWA Power Company.

Among other gainers, oil behemoth Saudi Aramco added 0.1%.

Saudi Arabia, the world's biggest oil exporter, may raise its August crude prices for buyers in Asia to the highest in four months, after spot prices surged during the 12-day Iran-Israel conflict and on robust summer fuel demand, Reuters reported on Tuesday, citing trade sources.

Dubai's main share index rose 0.3%, trading at its highest level in 17 years, with top lender Emirates NBD increasing 0.9%.

Meanwhile, Trump continued pressing the U.S. Federal Reserve to ease monetary policy, sending Fed Chair Jerome Powell a list of central bank interest rates around the world adorned with handwritten commentary saying the U.S. rate should be between Japan's 0.5% and Denmark's 1.75%.

In Abu Dhabi, the index was up 0.1%.

Oil prices steadied after sliding earlier in Tuesday's session, with the market weighing expectations of an OPEC+ output hike in August in an upcoming meeting.

The Qatari index added 0.1%, supported by a 0.3% rise in the Gulf's biggest lender Qatar National Bank.