Asian equities saw an uneven recovery Friday after a surprise jump in US producer prices stoked inflation worries and dampened expectations for a large September Fed rate cut. MSCI Asia ex-Japan fell 0.2%, with traders now pricing a 92% chance of a 25-bp move and no chance of a half-point cut.

Japan’s Nikkei surged 1.6% on strong GDP data, while Hong Kong fell 1.1% and China’s CSI 300 gained 0.8% on stimulus hopes. Bitcoin steadied after retreating from record highs, Brent crude eased ahead of Trump-Putin talks, and gold inched up to $3,344.