Currency traders work near the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Aug. 23, 2023. Asian markets were trading mixed Wednesday ahead of Fed Chair Jerome Powell's highly anticipated speech later in the week.
Japan's benchmark Nikkei 225 added 0.5% to finish at 32,010.26. Australia's S&P/ASX 200 gained 0.4% to 7,148.40. South Korea's Kospi slipped 0.4% to 2,505.50. Hong Kong's Hang Seng gained 0.3% to 17,845.92, while the Shanghai Composite dropped 1.3% to 3,078.40. The hope among traders is that Powell would indicate the Fed is done hiking interest rates for this cycle and that it could begin cutting them next year. But strong reports on the economy recently have hurt such hopes. A solid job market and spending by U.S. households could be feeding more fuel into pressures that push upward on inflation.
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