Asia Stocks Steady as Markets Await Powell Speech

Asian stocks traded in narrow ranges on Friday as investors awaited Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium for signals on the U.S. policy outlook.

MSCI’s broad Asia-Pacific ex-Japan index slipped 0.1% but remains up 1.3% this month. China’s CSI 300 jumped 1.8% and the STAR 50 soared nearly 8% on tech strength, while Japan’s Nikkei edged 0.1% lower.

Japanese inflation eased for a second month but stayed above the BOJ’s 2% target, leaving rate-hike expectations intact. The yen was headed for a 1% weekly loss.

The dollar index rose 0.2% as Fed officials struck a cautious tone on rate cuts. Markets now see a 73% chance of a September cut, down from 82% a day earlier.

Wall Street futures were little changed after a five-day losing streak, while oil steadied near $68 a barrel and gold dipped 0.3% to $3,329 per ounce.