Asia-Pacific market closed mixed Friday, with no major regional catalysts and focus on Federal Reserve Chair Kevin Warsh’s Jackson Hole speech for clues on U.S. rate path.

Japan’s benchmark Nikkei 225 added 0.41%, ending the trading day at 66,405.56, while the Topix rose 0.72% to 4,146.71. South Korea’s Kospi was down 1.79% at 6,788.88 and the small-cap Kosdaq ended the trading day flat at 838.41.

Mainland China’s CSI 300 dropped 0.46% to 4,609.18, while Hong Kong’s Hang Seng was flat as of its last hour of trade.

Australia’s S&P/ASX 200 gained 0.6% to 9,092.3.

— Lee Ying Shan

Bitcoin slipped 0.55% to $79,623.97 on Friday, extending its pullback after briefly topping $81,000 earlier this week.

The cryptocurrency has retreated after running into resistance between $80,000 and $82,000, according to David Morrison, senior market analyst at Trade Nation.

Its rapid climb of nearly 30% since the start of last week had pushed momentum indicators into “overbought” territory, making profit-taking and fresh short positions more likely, he said.

Traders are also turning cautious ahead of a key U.S. inflation reading and Nvidia’s quarterly earnings, both of which could shape broader risk appetite.

Morrison said bitcoin’s surge was partly driven by the so-called “dollar debasement trade,” as concerns over mounting U.S. federal debt and trade tensions prompted some investors to seek alternatives to the greenback. Gold has also benefited from that theme, he added.

Oil fell Friday as traders continued to assess developments in the Middle East, having gained overnight after Washington confirmed that the U.S. was not in talks with ‌Iran.

Futures for international benchmark Brent crude for October delivery fell 0.36% to $89.38 a barrel. U.S. West Texas Intermediate futures for October declined 0.26% to $83.31 per barrel.

While all options remain on the table, the White House ​said no negotiations were happening between the U.S. and Iran.

Oil prices are likely to remain tied to the pace of the negotiations, any credible progress, and changes in the security backdrop” around the Strait of Hormuz, said Thadeu Dos Santos, regional director at trading platform Infinox.

“A clearer path to an agreement could renew downward pressure as supply prospects improve, while any escalation in tensions or new incidents could quickly restore the upward trend in crude prices,” Santos added.

—Justina Lee

Hong Kong’s Hang Seng Index opened 0.32% lower on Friday, while mainland China’s CSI 300 fell 0.2%.

Lombard Odier remains positive on Chinese equities, naming China as one of its preferred emerging markets alongside South Korea, Taiwan and Brazil.

The bank said in a monthly investment strategy report released Wednesday that Chinese stocks had staged “a big rebound over the past month,” after previously lagging their emerging-market peers.

“We are positive on the broad China market, including onshore equities alongside offshore markets,” the bank’s analysts wrote.

Onshore shares offer more direct exposure to AI infrastructure, semiconductor localization and policy-driven investment, while offshore stocks offer more attractive valuations and potential gains from improving sentiment, cloud growth and AI monetization, they said.

Lombard Odier also pointed to “strong policy support, a rapidly expanding AI ecosystem, robust export growth” and the movement of household wealth away from property and toward financial assets. These factors support “a compelling case for a balanced allocation across both onshore and offshore Chinese equities,” it added.

— Lee Ying Shan

Asia-Pacific markets opened mixed Friday.

Japan’s benchmark Nikkei 225 added 0.19%, while the Topix rose 0.39%. South Korea’s Kospi was down 1.16%, and the small-cap Kosdaq opened flat.

Australia’s S&P/ASX 200 rose 0.25%.

Federal Reserve Chair Kevin Warsh is due to deliver a closely watched keynote address Friday at Jackson Hole, as investors look for any signals on the economy, monetary policy and the direction of interest rates.

— Lee Ying Shan

Asia-Pacific markets were poised to trade mixed Friday as investors awaited Federal Reserve Chair Kevin Warsh’s highly anticipated Jackson Hole speech for clues on the path of U.S. interest rates.

Japan’s Nikkei 225 was set to fall, with the Chicago futures contract at 66,040 compared with the index’s previous close of 66,131.98.

Hong Kong’s Hang Seng index futures were at 25,476 compared with the index’s last close of 25,565.74.

Futures for Australia’s S&P/ASX 200 last traded at 9,143 while the index closed at 9,038.2.

— Lee Ying Shan

These are some of the stocks making big moves in extended trading:

• Gap – Shares of the clothing retailer jumped about 14% after Gap announced Michael Francis will take the helm at Old Navy, starting Nov. 2. He succeeds Haio Barbeito, who has been the CEO since 2022. Adjusted earnings for Gap in the second quarter topped estimates, coming in at 52 cents per share versus the LSEG consensus estimate of 48 cents.
• Marvell Technology — The semiconductor stock was down about 6%. Marvell called for current quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, while analysts polled by LSEG anticipated $1.07 per share. The company also sees non-GAAP gross margin for the period in a range of 57.5% to 58.5%, versus the StreetAccount consensus call for 58.5%.
• Autodesk – The maker of 3D design software slid 5% after its earnings projections disappointed Wall Street. Autodesk sees adjusted earnings ranging from $3.04 to $3.09 per share in the third quarter, while analysts polled by LSEG were looking for $3.14 per share. Full-year adjusted earnings guidance was $12.52 to $12.60 per share, compared to the $12.60 anticipated.

See the full list here.

— Alex Harring

Futures tied to the Dow and S&P 500 are little changed shortly after 6 p.m. ET Thursday. Nasdaq 100 futures shed 0.2%.

— Alex Harring