Asian Markets Mixed Amid U.S. Economic Signals

Asian markets exhibited mixed performance with investors closely monitoring Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole symposium for signals on interest rate cuts. Asian currencies showed varied responses against the USD, with some strengthening and others weakening. Stocks in Japan, Australia, and Hong Kong initially saw gains on expectations of a Fed rate cut, but later retreated as investor risk appetite cooled. Chinese markets underperformed after the People's Bank of China held its benchmark lending rates steady. Broader positive sentiment in Asia was driven by Wall Street's rally, which paused after an eight-day winning streak. Key economic data from Japan, South Korea, and Malaysia, along with earnings reports from major US retailers, are awaited to provide further market direction.