On Sunday, the majority of Gulf stock markets closed lower due to robust U.S. jobs data, which tempered expectations for significant interest rate cuts by the Federal Reserve this year. However, the Saudi index defied this trend and ended higher. The data released on Friday revealed that U.S. employers added a higher-than-expected number of jobs in January, diminishing the likelihood of immediate rate cuts by the Federal Reserve. Traders have adjusted their expectations, with an 18% chance of a rate cut in March (down from 38% on Thursday) and a 67% probability for May (down from 94%), as indicated by the CME Group’s FedWatch Tool.
