Most stock markets in the Gulf rose in early trading on Wednesday, as investors' focus shifted to key inflation data from the world's biggest economy for cues on the likely scale of a Federal Reserve interest rate cut next month.

Investors digested a handful of U.S. economic data on Tuesday indicating the economy remained on solid footing.

Traders will now closely monitor core PCE figures, initial jobless claims and GDP data, set for release later in the day.

Markets currently see a 63% chance of a 25-basis-point rate cut by the Fed in December, as per the CME group's FedWatch tool.

The Fed's decisions have a significant impact on monetary policy in the Gulf as most of the region's currencies are pegged to the U.S. dollar.

Dubai's main share index .DFMGI gained 0.4%, with Emirates Central Cooling Systems Corp EMPOWER.DU advancing 3.7%, while blue-chip developer Emaar Properties EMAR.DU increased 0.8%.

In Dhabi, the index .FTFADGI added 0.4%.

Oil prices - a catalyst for the Gulf's financial markets - steadied, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday's OPEC+ meeting of producers.

The Qatari benchmark .QSI edged 0.1% higher, helped by a 1.5% rise in sharia-compliant lender Masraf Al Rayan MARK.QA.

Saudi Arabia's benchmark index .TASI, however, fell 0.3%, hit by a 2.8% fall in aluminium products manufacturer Al Taiseer Group 4143.SE.

Separately, the kingdom approved its state budget on Tuesday for 2025 forecasting a fiscal deficit of 101 billion riyals ($26.89 billion), as its finance minister said Saudi Arabia will continue to spend on massive gigaprojects designed to wean the economy off oil.

On the other hand, Tamkeen Human Resources 1835.SE jumped as much as 30% in debut trade.

($1 = 3.7559 riyals)

(Reporting by Ateeq Shariff in BengaluruEditing by Bernadette Baum)