07:40 AM EDT, 10/07/2026 (MT Newswires) -- Stocks in the United Arab Emirates closed lower as investors await the US Federal Reserve's highly anticipated Federal Open Market Committee meeting minutes later in the day. At the close of Wednesday trading, the FTSE ADX General Index and the DFM General Index declined 0.33% and 0.163%, respectively. The economic calendar on Wednesday marks the release of the closely watched minutes from the FOMC's September meeting. The minutes will give investors insights into the US Fed's thought process behind the latest interest rate decision and clues about the Central Bank's future monetary policy. "Attention turns back to the Fed today with the release of the September FOMC minutes. Markets are still looking for greater clarity on the data-policy reaction function, particularly which inflation outcomes would justify another hike this year. The minutes should also offer some insight into any dovish dissent," ING said. "However, with the dot plot showing more members expecting two further hikes this year (4) than no further tightening (2), the scope for a dovish surprise appears limited." On the geopolitical front, oil prices rose above the $100 per barrel mark amid a pickup in Iranian strikes on vessels transiting the Strait of Hormuz. Brent crude oil futures stood at nearly $102.04 per barrel as of 3:36 pm UAE time, up 1.45% from the previous day. Back home and on the corporate front, Dana Gas (ADX:DANA) commissioned the first LOOP 20 unit at the Sharjah Graphene Park in partnership with British advanced materials company Levidian. The Abu Dhabi-listed natural gas company lost 0.97% at closing. Meanwhile in Dubai, Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower, received an excavation and foundation work contract for its new district cooling plant at Dubai Science Park. Empower shares closed the session 0.32% in red.

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