Gulf Markets Drop as Investors Cautious on US Rate Hike Outlook; Saudi Bank Shares Fall, UAE Aims to Exit FATF Grey List
• Major Gulf stock markets fell, tracking lower Asian shares as investors tempered enthusiasm about ending U.S. rate hikes
• U.S. Fed officials said they would "carefully" raise rates only if controlling inflation falters
• GCC monetary policy guided by U.S. Fed as currencies pegged to dollar
• Saudi market dropped, with top lender SNB down 1.2%; MBC Group IPO approved
• UAE hopes to be removed from FATF grey list in 2023; Qatari index fell with 0.7% drop in top lender QNB