Asian Shares Mixed As Investors Await Powell Speech

(RTTNews) - Asian stocks ended mixed on Thursday as investors awaited policy signals from Federal Reserve Chair Jerome Powell, who is expected to speak on Friday at the Fed's annual conference in Jackson Hole, Wyoming.

China's Shanghai Composite index edged up by 0.13 percent to 3,771.10, hitting a new 10-year high amid easing trade tensions and fresh government moves to stabilize jobs and spending.

Hong Kong's Hang Seng index dipped 0.24 percent to 25,104.61 on disappointing corporate earnings and cellphone shipment reports. Baidu fell 2.6 percent after Q2 revenue missed expectations.

Japanese markets ended lower for a third straight session as technology stocks tracked their U.S. peers lower. The Nikkei average dropped 0.65 percent to 42,610.17 while the broader Topix index settled 0.52 percent lower at 3,082.95.

SoftBank lost 2 percent and Tokyo Electron shed 2.4 percent. Drug maker Daiichi Sankyo plunged 7.2 percent to become the worst performer among the 225 stocks on the Nikkei.

Seoul stocks eked out modest gains, with defense and shipbuilding stocks leading the surge on expectations of rising global arms demand.

The Kospi average inched up 0.37 percent to 3,141.74, snapping a three-day losing streaking and rebounding from a six-week low hit the previous day.

Nuclear power plant builder Doosan Enerbility soared 7.1 percent and shipbuilder HD Hyundai Heavy Industries surged 4.8 percent.

Australian markets rallied to a fresh record high, helped by a wave of earnings beats from the likes of Transurban, Super Retail, Brambles and Downer EDI.

The benchmark S&P/ASX 200 rose 1.13 percent to 9,019.10, surpassing 9,000 points for the first time in a broad-based rally.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index jumped 0.94 percent to 13,194.07, making its highest close since the end of December following the RBNZ rate-cut decision.

The dollar index steadied in Asian trade and gold edged lower while oil extended gains, bolstered by signs of strong demand in the United States and amid uncertainty over efforts to end the war in Ukraine.

Overnight, U.S. stocks ended mostly lower after minutes of the July Fed meeting suggested divisions over inflation and reports suggested the Trump administration is reviewing options to acquire equity stakes in Intel and other chipmakers in return for the federal subsidies.

According to the Fed minutes, attendees of the late July meeting found that risks surrounding U.S. inflation outweighed those to employment, underscoring a central bank divide over the effects of President Trump's tariffs.

The tech-heavy Nasdaq Composite fell 0.7 percent and the S&P 500 dipped 0.2 percent while the Dow finished marginally higher.