China benchmark jumps 1.04% as PBoC holds rate

Asian stocks ended mixed on Wednesday as investors locked in profits in tech stocks amid concerns over valuations and reports of potential U.S. government equity stakes in major chipmakers.

Investors also kept a close eye on ongoing Ukraine peace talks and looked ahead to Fed Chair Jerome Powell's Jackson Hole speech due this week for more clarity on September rate cuts.

Gold hovered near a three-week low in Asian trading as the dollar extended gains for a third day, climbing to a more than one-week high ahead of the release of minutes from the Fed's July meeting later in the day. Oil prices inched up slightly after ending lower in the previous session.

 

China's Shanghai Composite index jumped 1.04 percent to 3,766.21 as the People's Bank of China kept its benchmark loan prime rate unchanged as expected despite recent weak economic data.

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