Oct 30 (Reuters) - Major Gulf stock markets edged up in early trade on Thursday after a U.S. rate cut, healthy local corporate earnings and a trade detente between U.S. and China, although worries that the progress between the two countries may be fleeting capped gains.

On the day, U.S. President Donald Trump said he had made a deal with Chinese President Xi Jinping on rare earths and tariffs. Gulf countries trade heavily with the two nations.

But global markets sold off, as traders have seen previous promising starts followed by setbacks. MKTS/GLOB

On Wednesday, the Federal Reserve lowered rates, in line with market expectations. However, it signalled that it might be the last cut of the year as the ongoing government shutdown threatens data availability.

U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

Saudi Arabia's benchmark index .TASI was up 0.2%, helped by a 1.5% rise in ACWA Power COmpany 2082.SE and a 0.4% increase in oil behemoth Saudi Aramco 2222.SE.

Elsewhere, insurer Bupa Arabia 8210.SE advanced 6% following a quarterly profit rise.

Among other gainers, Arabian Drilling 2381.SE jumped 10% - set for its largest intraday gain since its 2022 listing - after receiving resumption notices for two offshore rigs. They will commence operations in the first quarter of 2026 and drive 100% utilisation in the offshore segment by the second quarter.

Abu Dhabi index .FTFADGI added 0.2%, with Emirates Telecommunications Group EAND.AD gaining 2.2% after it reported a 1% increase in third-quarter profit and around 30% revenue jump.

Dubai's main share index .DFMGI inched 0.1% higher, with Parkin Company PARKIN.DU putting on 1.3%.

The Qatari index .QSI rose 0.1%, bolstered by a 3.6% leap in telecom firm Ooredoo ORDS.QA after its board approved raising the target dividend payout range to 50%-70% of normalised net profit, up from 40%-60%.

The firm also posted an 11% rise in third-quarter profit.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788))