Jan 3 Reuters Most major stock markets in the Gulf fell in early trade on Wednesday, tracking Asian shares lower as market optimism about early and aggressive U.S. interest rate cuts ebbed ahead of the release of Fed minutes and jobs data.

Later on Wednesday, minutes of the U.S. Federal Reserve39;s December meeting and the ISM survey on U.S. manufacturing are due to be released. The closely watched U.S. nonfarm payrolls report is due on Friday.

Monetary policy in the sixmember Gulf Cooperation Council GCC is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.

Saudi Arabia39;s benchmark index dropped 0.4, hit by a 1.2 fall in Al Rajhi Bank and a 0.2 decline in oil giant Saudi Aramco.

Oil prices which fuel the Gulf39;s economy  were little changed in Asian trade after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy against potential supply disruptions from ongoing tensions in the Red Sea.

Nonoil business activity in Saudi Arabia grew solidly in December, a survey showed on Wednesday, with new orders rising at the fastest pace in six months.

The Qatari index retreated 1.6, on course to extend losses from the previous session when it snapped eleven sessions of gains.

Qatar Islamic Bank declined 2.3 and Commercial Bank slid 3.8.

Dubai39;s main share index lost 0.1, with shariacompliant lender Dubai Islamic Bank falling 0.7.

In Abu Dhabi, the index advanced 1.4, buoyed by a 3.2 jump in…