Asian markets rise as traders await Fed chair’s key speech

Asian markets mostly rose on Monday, building on last week's strong performance. Traders are focusing on a key meeting of central bank leaders, where Federal Reserve Chair Jerome Powell is set to deliver an important speech.

Investors appear to have got over the turmoil that beset trading floors earlier in the month as a string of data suggested that worries of a US recession had been overdone, News.Az reports citing AFP.

Powell's talk at the annual Jackson Hole symposium in Wyoming -- which also gathers together financial leaders and policymakers -- will be pored over, with hopes that he will flag an interest rate cut when Fed officials meet next month.

All three main indexes on Wall Street rose Friday, leaving them back near the record highs touched before their August 5 rout as investors grow confident the US economy will avoid recession as the Fed cuts rates.

Most Asian markets picked up the baton Monday.

Hong Kong piled on more than one percent, while there were also gains in Shanghai, Sydney, Taipei, Manila and Jakarta, though Seoul, Singapore and Wellington dipped. Tokyo was flat.

Gold held above $2,500 after breaking the barrier for the first time ever on Friday, fuelled by expectations for Fed cuts, which makes the precious metal more attractive to investors.

And oil prices were barely moved after last week's losses, which came on the back of demand worries as China's economy struggles to recover.

Investors are also keeping tabs on talks to mediate a ceasefire between Israel and Hamas in Gaza amid fears of a wider war in the crude-rich Middle East.

Major oil producer Iran has threatened to retaliate against Israel for last month's killing of Hamas political leader Ismail Haniyeh in Tehran, which has been widely blamed on Israel.

US Secretary of State Antony Blinken was due to meet Prime Minister Benjamin Netanyahu and other Israeli leaders Monday to try to unblock the process for an end to hostilities.

Key figures around 0230 GMT

Tokyo - Nikkei 225: FLAT at 38,047.17 (break)

Hong Kong - Hang Seng Index: UP 1.4 percent at 17,680.97

Shanghai - Composite: UP 0.7 percent at 2,898.72

Euro/dollar: UP at $1.1031 from $1.1022 on Friday

Pound/dollar: UP at $1.2950 from $1.2945

Dollar/yen: DOWN at 147.54 yen from 147.60 yen

Euro/pound: UP at 85.19 pence from 85.14 pence

West Texas Intermediate: FLAT at $75.57 per barrel

Brent North Sea Crude: UP 0.1 percent at $79.73 per barrel

New York - Dow: UP 0.2 percent at 40,659.76 (close)

London - FTSE 100: DOWN 0.4 percent at 8,311.41 (close)

News.Az