Major stock markets in the Gulf were mixed in ‍early trade ‍on Wednesday as investors awaited remarks from ​Federal Reserve Chair Jerome Powell for policy clues.

As ⁠of Wednesday, markets are almost fully pricing in ⁠an interest rate cut ‌by the U.S. central bank's policy-setting Federal Open Market Committee following a two-day ⁠meeting that began on Tuesday, despite the committee being more divided than it has been in years.

The Fed's stance holds implications ⁠for Gulf economies, where most ​currencies are pegged to the U.S. dollar, making it an anchor ‍for regional monetary stability.

Saudi Arabia's benchmark stock index ​gained 0.4%, with Al Rajhi Bank up 0.8%.

Dubai's main share index added 0.2%. In Abu Dhabi, the index eased 0.1%. The Qatari benchmark lost 0.1%.

Oil prices - a catalyst for the Gulf's financial markets - held steady after falling about 1% in the previous session, as investors watched for progress in Russia-Ukraine ⁠peace talks and awaited a decision ‌on U.S. interest rates.

Crude prices are hovering near multi-month lows, putting pressure on the ‌fiscal balances ⁠of oil-dependent Gulf nations through lower revenues.

(Reporting by Ateeq ⁠Shariff in Bengaluru; Editing by Subhranshu Sahu)