TOKYO - Asian shares struggled to make any headway on Friday as weak U.S. manufacturing activity and uncertainty over how much further the Federal Reserve would cut rates added to the general air of caution in markets buffeted by global growth fears.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.1% lower, though it was up 0.6% for the week and on track to break a four-week losing streak. Wall Street stocks were mixed on Thursday, with the S&P 500 closing little changed, while the Dow was up 0.2% and the Nasdaq falling 0.4%. All of that has made Powell’s speech in Jackson Hole pivotal for markets as they look for any clues on future policy easing, after the Fed last month cut rates for the first time since the financial crisis. Any indications of hawkishness in the Fed chief’s comments might hurt riskier assets, though the dollar stands to benefit.In early Asian trading, the dollar was up 0.1% against a basket of major currencies to 98.249.