October 30 (Reuters) - Major Gulf stock markets opened higher on Thursday after the United States cut interest rates and local companies released positive earnings results.

Markets also received a boost from easing trade tensions between the United States and China, but concerns that this might be temporary limited gains.

US President Donald Trump said today that he had reached an agreement with Chinese President Xi Jinping on rare earth minerals and tariffs. The Gulf states are among the most important trading partners for both countries.

But global markets have seen a sell-off, as traders have previously witnessed such promising beginnings followed by setbacks.

The Federal Reserve (the US central bank) cut interest rates yesterday, in line with market expectations. However, it indicated that this might be the last cut this year, given that the ongoing government shutdown threatens the availability of economic data.

Changes in US monetary policy have a significant impact on markets in the Gulf region, as most countries there peg their currencies to the dollar.

The Saudi index rose 0.2 percent, supported by a 1.5 percent increase in ACWA Power shares and a 0.4 percent advance in Saudi Aramco shares.

Bupa Arabia's shares rose six percent after it announced an increase in its quarterly profits.

Arabian Drilling shares jumped 10 percent, recording their biggest single-session gain since listing in 2022, after the company received notices to resume work on two offshore platforms following a temporary suspension.

The company said in a statement that the two platforms are scheduled to begin operations during the first quarter of 2026, and that the offshore drilling sector will achieve 100 percent utilization in the second quarter of 2026.

The index in Abu Dhabi rose 0.2 percent, with Etisalat shares climbing 2.2 percent after it announced a 1 percent increase in third-quarter profit and a nearly 30 percent jump in revenue.

Dubai's main index rose slightly by 0.1 percent, with Parkin shares climbing 1.3 percent.

The index in Qatar rose 0.1 percent, supported by a 3.6 percent increase in shares of Ooredoo Telecom after its board of directors approved raising the target dividend payout range to between 50 percent and 70 percent of adjusted net profit, up from between 40 percent and 60 percent.

The company also recorded 11 percent growth in third-quarter profits.

(Prepared by Mahmoud Salama for the Arabic Bulletin - Edited by Amira Zahran)