Asia markets mixed as Powell eyes rate-cut path at Jackson Hole

Asian markets were mixed and cautiously higher in early trading on Friday as investors prepared for a key speech by the U.S. Federal Reserve chair later in the day, seeking guidance on whether the central bank will begin cutting interest rates in September. The backdrop includes fragile inflation signals in the United States, a volatile oil market tied to the Ukraine peace process, and a spillover from weak export data in Japan that underscored the global economy’s fragility.

In Asia, sentiment varied by region. Tokyo’s market wobbled, with the Nikkei fluctuating as traders digested a report showing Japan’s July exports fell at the steepest pace in more than four years, a development that heightens concerns about growth in the world’s third-largest economy. Hong Kong posted modest gains, helped by renewed activity in listings and trading in the Chinese financial hub, while Shanghai and the broader mainland indices traded higher. South Korea also rose, buoyed by gains for major export names, and Australia’s market reached new highs earlier in the week before trimming gains. By contrast, some markets like Singapore and parts of Southeast Asia faced more muted moves as investors...