Feb 14 Reuters Major stock markets in the Gulf edged higher in early trade on Wednesday, even as hotterthanexpected U.S. inflation fuelled concerns about further delay in interest rate cuts from the Federal Reserve.

U.S. consumer prices increased more than expected in January amid rises in the costs of shelter and healthcare, but the pickup in inflation likely does not change expectations that the Fed will start cutting rates in the first half of this year.

Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.

Saudi Arabia39;s benchmark stock index edged 0.1 higher, helped by a 0.5 rise in oil giant Saudi Aramco.

Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oilindex publisher SP Global Commodity Insights, the publisher said.

In Abu Dhabi, the benchmark stock index gained 0.6.

India and the United Arab Emirates on Tuesday signed an agreement on a trade corridor that aims to connect Europe with India through parts of the Middle East by sea and rail, an ambitious plan backed by the U.S. and the European Union.

Dubai39;s main share index added 0.1, led by a 1.8 rise in Emaar Properties after the bluechip developer39;s board doubled fullyear cash dividend to 50 fils a share from 25 fils per share in 2022.

Meanwhile, Shuaa Capital slumped about 7 as annual losses widened. The investment bank and…