By Md Manzer Hussain

Dec 16 (Reuters) - Gulf equities were muted in early trade on Tuesday, tracking a cautious tone in Asian markets, as investors awaited a slate of U.S. data that could help gauge the Federal Reserve's policy path next year.

A combined U.S. employment report for October and November is due on Tuesday, while a measure of the country's inflation reading is expected on Thursday.

The Fed last week cut interest rates and signalled one more reduction in 2026, while markets are pricing in at least two additional cuts next year, underscoring the importance of upcoming economic data.

U.S. monetary policy moves are closely watched in the Gulf, where most currencies are pegged to the dollar.

The Qatari benchmark index .QSI fell 0.4%, with almost all constituents in negative territory. Qatar Islamic Bank QISB.QA slipped 1%, while Qatar Navigation QNNC.QA lost 0.7%.

Saudi Arabia's benchmark stock index .TASI edged down 0.1%, with most sectors weaker, led by healthcare, IT and materials. Dallah Healthcare 4004.SE dropped 1.8% and Saudi Chemical Holding 2230.SE declined 1.9%. Saudi Arabia Refineries 2030.SE climbed 2.8% after announcing the establishment of a new subsidiary, while SAL Logistics 4263.SE gained 1.4% on a cargo-handling deal with Syrian Airlines.

The Abu Dhabi benchmark index .FTFADGI traded in a tight range as advances in telecoms, real estate and financials were offset by losses elsewhere. Abu Dhabi Commercial Bank ADCB.AD rose 1% and Two Point Zero Group 2POINTZERO.AD added 1.1%, while conglomerate Alpha Dhabi ALPHADHABI.AD slipped 2% and Abu Dhabi Ports Co ADPORTS.AD eased 0.9%.

AD Ports said on Monday it had signed a memorandum of understanding with Kuwait Ports Authority to develop and operate the container terminal at Kuwait's Shuaiba port under a concession agreement.

Dubai's benchmark stock index .DFMGI was down 0.1%, pressured by a 4.1% drop in Mashreqbank MASB.DU and a 9.9% slide in Gulf Navigation Holding GNAV.DU.

(Reporting by Md Manzer Hussain; Editing by Harikrishnan Nair)

((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))