Asian markets settled mostly higher on Wednesday, with expectations that the US central bank will cut its main interest rate as soon as September. Investors are awaiting US inflation data later this week and the second round of testimony by Federal Reserve Chair Jerome Powell for further cues on potential interest rate cuts. But, in testimony Tuesday before the Senate Banking Committee, Powell reiterated that while inflation has eased in recent months, a rate cut is not appropriate until the central bank has greater confidence that it is headed towards the 2% target. Japanese shares gained on a weaker yen that helps exporters and tracking strong gains in technology shares as Nvidia supplier TSMC's sales surged past expectations on AI infrastructure demand. However, Chinese shares declined after data showed consumer inflation in the country slipped to 0.2% in June from 0.3% in May, while producer prices posted an annual fall of 0.8% in June as expected and slower than the 1.4% fall in May.
| Asian Indices | Last Trade | Change in Points | Change in % |
| Shanghai Composite | 2,939.36 | -20.01 | -0.68 |
| Hang Seng | 17,471.67 | -51.56 | -0.30 |
| Jakarta Composite | 7,287.04 | 17.24 | 0.24 |
| KLSE Composite | 1,618.38 | 3.96 | 0.25 |
| Nikkei 225 | 41,831.99 | 251.82 | 0.60 |
| Straits Times | 3,459.93 | 33.84 | 0.98 |
| KOSPI Composite | 2,867.99 | 0.61 | 0.02 |
| Taiwan Weighted | 24,007.08 | 107.00 | 0.45 |
