Most stock markets in the Gulf were subdued in early trading on Wednesday, as caution prevailed ahead of the U.S. inflation data for clues on the Federal Reserve's interest rate cut strategy.

Dubai's benchmark stock index eased 0.2% weighed down by losses in industry, utilities and communication sectors, with tolls operator Salik Company sliding 1.2% and National Central Cooling dropping 2.4%.

Abu Dhabi's benchmark stock index was down 0.1% with First Abu Dhabi Bank, the UAE's largest lender, shedding 0.7% and Fertiglobe sliding 2.2%.

MENA's largest nitrogen fertilizer maker, Fertiglobe posted a 14% drop in its first-quarter net profit on Tuesday.

Saudi Arabia's benchmark stock index was little changed in early trading, with ACWA Power gaining 4.6%, while oil giant Saudi Aramco slipped 1.7% and Saudi Electricity dropped 5%.

The Qatari benchmark index rose 0.3%, helped by a 3.1% gain in Qatar Gas Transport and a 1.7% rise in Masraf Al Rayan.

Investors are awaiting the U.S. Consumer Price Index data due later in the day for clues to when the Fed will consider cutting interest rates.

Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.

(Reporting by Md Manzer Hussain; Editing by Rashmi Aich)