Asian stocks rise before Fed chief Warsh speech

Asian stocks mostly rose Friday as investors awaited a speech by Federal Reserve boss Kevin Warsh for clues on the outlook for US interest rates.

Tokyo's Nikkei 225 was up 0.8 percent at 66,682.88 around 0230 GMT. Hong Kong's Hang Seng Index rose 0.1 percent to 25,579.86, and Shanghai's Composite added 0.2 percent to 3,966.11. Sydney, Singapore, Jakarta and Taipei also rose, while Seoul, Wellington and Manila retreated.

Investors are watching Warsh's speech at the annual Jackson Hole meeting of central bankers and economic leaders. The Fed kept borrowing costs on hold at its last meeting, but three policymakers dissented in favour of a rate increase.

Inflation has eased slightly but remains above the Fed's two percent target. Energy costs linked to the Iran war have added pressure, while long-term US Treasury yields have risen.

Oil prices edged lower. West Texas Intermediate fell 0.3 percent to $83.32 a barrel, and Brent crude dropped 0.4 percent to $89.35 a barrel. Investors remained focused on efforts to reopen the Strait of Hormuz to tanker and cargo traffic.