Asia-Pacific stocks mixed as investors eyes on Fed’s Jackson Hole. On Friday, Asia-Pacific markets traded mixed ahead of the Federal Reserve’s annual Jackson Hole symposium, the place Fed Chair Jerome Powell is due to converse.
Australia’s benchmark ASX 200 traded flat after losing almost 0.3% earlier month. The heavily-weighted financials subindex reached jumped 0.21% from a 0.4% loss. Energy and materials sectors dropped 0.18% and 0.28%, respectively.
The Nikkei 225 was still down 0.33% while the Topix index declined 0.36%. in South Korea, Kospi rose 0.32% and the Hang Seng Index in Hong Kong surged 0.55%.
In mainland Chinese markets, shares also rose: The Shanghai Composite added 0.53% while the Shenzhen component gained 0.45%.
The Fed is set to hold the highly anticipated Jackson Hole symposium virtually on Friday. Investors expect to hear what Powell thinks about the state of the U.S. economy and how he might guide the central bank’s exit from the measures it took to rescue the financial system from the Covid-19 pandemic.
“Fed chairs have a track record of foreshadowing major policy announcements at Jackson Hole, and some investors think Powell will provide further clues around the timing of a tapering announcement, which could come as soon as the FOMC meeting next month,” Tapas Strickland, director of economics and markets at the National Australia Bank, wrote in a Friday morning note.
On Friday, oil prices rose in Asian trading hours, where U.S. crude gained 0.83% to $67.98 while global benchmark Brent added 0.77% to $71.62. Prices fell overnight due to a rapid increase in Covid cases raised concerns about the recovery in global demand for oil.