Most Gulf stock markets were subdued in early trade on Wednesday, in line with Asian shares, as traders wagered the U.S. Federal Reserve will likely be slow in cutting interest rates after data showed the U.S. economy remained stable.

Investor focus in 2025 will likely be on shifting U.S. rate expectations, the growing divergence in policy path between U.S. and other economies and the threat of tariffs once President-elect Donald Trump steps into the White House on Jan. 20.

The Fed in December projected just two rate cuts for 2025, lower than the four it had earlier predicted. Markets are currently pricing in even less than that at 38 basis points, with the first cut fully priced in for July.

Data on Tuesday showed U.S. job openings unexpectedly increased in November while hiring softened, suggesting the labour market slowed at a pace that probably does not require the Fed to be in a rush to cut rates.

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

Dubai's main share index .DFMGI fell 0.2% - on course to snap two sessions of gains - hit by a 2.2% slide in toll operator Salik Company SALIK.DU.

In Qatar, the index .QSI dropped 0.4%, with Commercial Bank COMB.QA declining 2.3%.

Saudi Arabia's benchmark index .TASI was flat in a choppy trade.

Nice One Beauty Digital Marketing 4193.SE surged 30% on its debut trade to 45.5 riyals per share, from an offer price of 35 riyals.

In Abu Dhabi, the index .FTFADGI bucked the trend to trade 0.7% higher.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)