Most stock markets in the Gulf ended higher on Thursday, in step with a global equity rally after U.S. consumer inflation data cemented bets of a Federal Reserve interest-rate cut next week.

A Labor Department report showed on Wednesday U.S. consumer prices in November marked their biggest increase in seven months.

Markets are pricing in a 97% chance the Fed will cut rates by 25 basis points next week, up from an 86% chance before the data.

The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.

Dubai's benchmark stock index <.DFMGI> reversed early losses and ended 0.3% higher with most sectors in the green. Emaar Properties <EMAR.DU> rose 1.6% and Emirates NBD <ENBD.DU> added 1%. Dubai's largest lender, ENBD, has invested in Zodia Custody, a London-based crypto firm.

The Abu Dhabi benchmark index <.FTFADGI> was up for a second consecutive session, rising 0.1%. Conglomerate Alpha Dhabi Holding <ALPHADHABI.AD> gained 2.9% and Abu Dhabi Commercial Bank <ADCB.AD> added 2.3%.

The Qatari benchmark index <.QSI> extended its rally to a fourth straight session, rising 0.2% with almost all sectors in positive territory. Doha Bank <DOBK.QA> gained 1.8%, and Mesaieed Petrochemical <MPHC.QA> added 0.9%.

Qatar recorded a budget surplus of 100 million riyals ($27.43 million) in the third quarter of 2024, the finance ministry said on Wednesday.

Saudi Arabia's benchmark stock index <.TASI> was down for a second straight session, falling 0.4%, while the index posted gains for two weeks in a row.

Al Rajhi Bank <1120.SE>, the world's largest Islamic lender, slid 1.2%, and Saudi Aramco <2222.SE> shed 0.4%. Saudi Arabia's crude oil supply to China is set to rebound to a three-month high in January, trade sources said, thanks to price cuts by the world's top exporter.

Outside the Gulf, Egypt's blue-chip index <.EGX30> was up 0.2% with most sectors in the green. GB Auto <GBCO.CA> surged 4.4% and Commercial International Bank <COMI.CA> gained 1.2%.

Egypt will seek to sell stakes in at least 10 companies in 2025, Prime Minister Mostafa Madbouly said on Wednesday, either through public listings or strategic partnerships.

SAUDI ARABIA

<.TASI> down 0.4% to 12,099

KUWAIT

<.BKP> up 0.1% to 7,860

QATAR

<.QSI> added 0.2% to 10,529

EGYPT

<.EGX30> gained 0.2% to 30,795

BAHRAIN

<.BAX> down 0.3% to 2,006

OMAN

<.MSX30> up 0.6% to 4,546

ABU DHABI

<.FTFADGI> added 0.1% to 9,276

DUBAI

<.DFMGI> rose 0.3% to 4,812

(Reporting by Md Manzer Hussain; Editing by Devika Syamnath)