Mideast Stocks: Most Gulf Markets Gain on Oil, US Rate Cut Hopes

Most major stock markets in the Gulf rose in early trade on Monday helped by rising oil prices and expectations of lower U.S. interest rates. 

Crude prices - a catalyst for the Gulf's financial markets - rose around 1% after OPEC+'s planned production increase for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains.

Saudi Arabia's benchmark index gained 0.7%, with Al Rajhi Bank rising 1.1% and Saudi Arabian Mining Company advancing 4.6%.

Elsewhere, oil giant Saudi Aramco was up 0.4%. In Abu Dhabi, the index was up 0.2%. 

Federal Reserve Governor Stephen Miran pressed for an aggressive rate-cut trajectory again on Friday, citing the impact of the Trump administration's economic policies.

Alternative data from both public and private sources indicate signs of weakness in the U.S. labor market amid the government shutdown.

Investors are now pricing in a 25-basis-point cut at the Fed meeting this month, with an additional 25 bp cut anticipated in December.

The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.

Dubai's main share index rose 0.2%, with top lender Emirates NBD putting on 1.2%.

The Qatari index eased 0.1%, hit by a 0.9% fall in Qatar Gas Transport.