Markets Await Fed's Powell as Asian Stocks Rise Amid Rate Cut Speculation

Asian stocks showed an upward trend on Friday amid anticipation of Federal Reserve Chair Jerome Powell's speech, which traders hope will provide insights on potential rate cuts next month. While U.S. equity futures rebounded slightly, the broader Asian market continued its positive trajectory, driven by South Korea's Kospi gains.

Asian stocks climbed on Friday in anticipation of a crucial speech by Federal Reserve Chair Jerome Powell, set to address potential shifts in U.S. monetary policy at the annual Jackson Hole symposium.

Traders are eagerly awaiting Powell's remarks, looking for signals about a possible rate cut in September, a move considered likely following weak job market reports and tepid inflation data. The S&P 500 futures rose 0.1% after consecutive losses, while Asian markets, particularly South Korea's Kospi, advanced further.

The stability of the yen and U.S. dollar, coupled with slight oil price declines, underscores the market's cautious atmosphere. Analysts foresee little explicit guidance from Powell, which might bolster the dollar if rate cut expectations are challenged.

(With inputs from agencies.)