Gulf equities were muted in early trade on Tuesday, tracking a cautious ‍tone in Asian ‍markets, as investors awaited a slate of U.S. data that ​could help gauge the Federal Reserve's policy path next year.

A combined U.S. employment report ⁠for October and November is due on Tuesday, while a measure of the country's ⁠inflation reading is ‌expected on Thursday.

The Fed last week cut interest rates and signalled one more reduction in 2026, while markets are pricing ⁠in at least two additional cuts next year, underscoring the importance of upcoming economic data.

U.S. monetary policy moves are closely watched in the Gulf, where most currencies are pegged to the dollar.

The Qatari benchmark index fell ⁠0.4%, with almost all constituents ​in negative territory. Qatar Islamic Bank slipped 1%, while Qatar Navigation lost 0.7%.

Saudi Arabia's benchmark stock index ‍edged down 0.1%, with most sectors weaker, led by healthcare, IT and materials. Dallah Healthcare dropped ​1.8% and Saudi Chemical Holding declined 1.9%. Saudi Arabia Refineries climbed 2.8% after announcing the establishment of a new subsidiary, while SAL Logistics gained 1.4% on a cargo-handling deal with Syrian Airlines.

The Abu Dhabi benchmark index traded in a tight range as advances in telecoms, real estate and financials were offset by losses elsewhere. Abu Dhabi Commercial Bank rose 1% and Two Point Zero Group added 1.1%, while conglomerate Alpha Dhabi slipped 2% and Abu Dhabi Ports Co eased 0.9%.

AD ⁠Ports said on Monday it had signed a ‌memorandum of understanding with Kuwait Ports Authority to develop and operate the container terminal at Kuwait's Shuaiba port under a concession agreement.

Dubai's benchmark stock index ‌was down ⁠0.1%, pressured by a 4.1% drop in Mashreqbank and a 9.9% slide in Gulf Navigation ⁠Holding.

(Reporting by Md Manzer Hussain; Editing by Harikrishnan Nair)