Major stock markets in the Gulf were mixed in early trade on Wednesday following a string of lacklustre corporate earnings, while focus was also on U.S.-China trade negotiations and the Federal Reserve's policy decision.

Saudi Arabia's benchmark index shed 0.3%, hit by a 0.4% fall in Al Rajhi Bank and a 7% slide in Mobile Telecommunications Company. The telecom firm missed analysts' first-quarter profit estimates.

Savola Group Company plunged more than 8% and was set for its biggest decline since March 2020, if losses persist, following a sharp decline in quarterly profit.

Leejam Sports Company tumbled 7.3% after reporting about 25% drop in first-quarter profit.

Dubai's main share index eased 0.1%, with blue-chip developer Emaar Properties retreating 0.7% and utility firm Dubai Electricity and Water Authority sliding 1.5%.

In Abu Dhabi, the index added 0.1%.

The Qatari index gained 0.3%, helped by a 0.4% rise in the Gulf's biggest lender Qatar National Bank.

The Fed will announce its policy decision later in the day. Expectations for cuts were dialled down after relatively solid U.S. labour data last week.

Markets imply nearly no chance of a move on Wednesday and only a 33% chance of a cut in June, down from 64% a month ago.

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

Meanwhile, U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war disrupting the global economy.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Eileen Soreng)