Asian stocks were mixed on Friday as traders adopted a cautious stance before Federal Reserve Chair Jerome Powell’s address at the Jackson Hole summit. Treasuries retreated.
Stocks were little changed in Tokyo and Shanghai and slipped in Hong Kong and Seoul. Futures on the S&P 500 Index ticked higher after US shares closed flat amid weak volumes.
Three Federal Reserve policymakers voiced their resistance to the notion that the US economy needs lower interest rates, and a fourth said he wanted to avoid taking further action “unless we have to.” The dollar was steady, while crude oil edged up.