Asia stocks nudge higher, gains capped by China worries

Sterling was last at $1.2944, up 0.05% on the day, after sliding 0.7% on Wednesday as data showed cooling, with markets dialling back expectations of further aggressive rate hikes from the Bank of England.

Strickland cautioned that elevated wage growth will remain a concern for policymakers, which could keep underlying inflation pressures high. Traders and analysts expect the European Central Bank to raise its benchmark rate by 25 basis points next week but what comes after that has been up for debate in the wake of recentBank of Japan Governor Kazuo Ueda said this week there was still some distance to sustainably and stably achieving the central bank's 2% inflation target, dousing speculation of a hawkish policy shift next week.

China stocks have been under pressure in recent weeks as soft economic data weighed on sentiment, with investors waiting for meaningful stimulus to jump start the country's stuttering post-pandemic recovery.

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