Major stock markets in the Gulf showed a mixed trend in early trading on Tuesday as investors eyed a data-packed week, including key inflation figures due from the U.S.

Inflation data from several major economies and manufacturing figures out of China are in focus this week. Most closely monitored will be Thursday's release of the U.S. personal consumption expenditures price index, which the Federal Reserve uses to track its 2% inflation target.

Markets have already pushed out the potential timing of first easing, from May to June, with the current probability priced at around 70%. Futures imply a little more than three quarter-point cuts this year, down from five at the beginning of the month.

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

Saudi Arabia's benchmark index gained 0.3%, led by a 1.8% rise in ACWA Power Co and a 0.2% increase in Al Rajhi Bank.

Meanwhile, shares of Avalon Pharma jumped 30% on the market debut.

In Abu Dhabi, the index dropped 0.4%.

Dubai's main share index gained 0.5%, with Emirates NBD rising 1.1%.

Meanwhile, U.S. President Joe Biden on Tuesday said Israel has agreed to halt its military activities in Gaza for the Muslim holy month of Ramadan, as Hamas studied a draft proposal for a truce deal that includes a pause in fighting and a prisoner-hostage exchange.

The Qatari benchmark lost 0.2%, hit by a 4.2% fall in Qatar Gas Transport.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Dhanya Ann Thoppil)