Asian markets edged mostly upward in muted morning trading on Thursday, one day before a key speech expected to offer signals about future interest rate cuts in the United States.

US Federal Reserve Chairman Jerome Powell, who has resisted public demands by President Donald Trump to cut rates, is scheduled to deliver remarks Friday at the annual central bankers conference in Wyoming.

Data last week provided a mixed picture of US inflation, making it uncertain if the Fed will lower rates as many investors expect in September — which could bolster growth in the world’s largest economy.

In a sign of further uncertainty, recent days have seen a sell-off of major technology stocks as investors grow wary of a sustained rally in the industry despite a range of global economic hurdles.

Wall Street closed mostly lower on Wednesday, with the tech-heavy Nasdaq falling again as shares in AI chip-maker Nvidia ticked down.

Despite the building unease, shares in Seoul were up Thursday morning, bolstered by a rise in Samsung’s price.

Shanghai, Sydney, Taipei and Bangkok also charted moderate rises.

Tokyo’s Nikkei index continued its fall from the previous day, while shares in Hong Kong were flat.

Japan reported Wednesday that the country’s July exports plunged at the steepest rate in over four years, straining under hefty US tariffs.

Wednesday also saw Hong Kong’s stock exchange operator post record half-year revenue, riding a renewed surge in listings and trading activity in the Chinese finance hub.

Global markets have fluctuated recently on the prospects of a peace deal in Ukraine, following days of high-stakes diplomacy in the aftermath of Trump’s Friday meeting with Russian counterpart Vladimir Putin.

But hopes for an imminent end to the war — started by Moscow’s invasion over three years ago — were tempered Wednesday after Russia said it must be included in any discussions on security guarantees for Ukraine.

The diplomatic whirlwind has sparked volatility in oil markets as traders speculate over the possible lifting of sanctions on Russia, a major producer.

Oil prices continued to rise Thursday on the heels of a report the previous day showing a sharp decline in crude stockpiles.

– Key figures at around 0215 GMT –

Tokyo – Nikkei 225: DOWN 0.4 percent at 42,706.39

Hong Kong – Hang Seng Index: FLAT at 25,162.78

Shanghai – Composite: UP 0.2 percent at 3,773.56

Euro/dollar: DOWN at $1.1647 from $1.1648 on Wednesday

Pound/dollar: UP at $1.3455 from $1.3452

Dollar/yen: DOWN at 147.31 yen from 147.44 yen

Euro/pound: DOWN at 86.56 pence from 86.59 pence