Manila(Philippines), Aug 22 (AP) Asian shares were mixed on Friday after Wall Street fell to a fifth straight loss, hurt by losses for Walmart and worries over coming cuts to interest rates. Traders remain cautious, looking for cues about US monetary policy from a meeting of central bankers in Jackson Hole, Wyoming, where Federal Reserve chair Jerome Powell is due to speak on Friday In Tokyo, the Nikkei 225 shed early gains, slipping 0.1 per cent to 42,597.94 after Japan’s core inflation rate slowed to 3.1 per cent in July, from 3.3 per cent in June. ING Economics, in a commentary, said the rate was broadly in line with market consensus. Inflation staying above 3 per cent raises chances of a rate hike as soon as October, it said. In Chinese markets, Hong Kong’s Hang Seng index rose 0.4 per cent to 25,193.50. The Shanghai composite index climbed 0.7 per cent to 3,796.36. South Korea’s Kospi rose 0.7 per cent to 3,163.20 while Australia’s S&P/ASX 200 fell 0.3 per cent to 8,993.80. Traders sold to lock in gains after the benchmark surged to record highs in recent trading sessions. Taiwan’s TAIEX lost 0.3 per cent and India’s BSE Sensex edged 0.1% lower. Expectations for a rate cut by the Fed have been dialled back as central bank officials stress concerns over inflation, Mizuho Bank said in a commentary. “The upshot is that the sands are arguably shifting, but Jackson Hole may not be where lingering hawkish restraint goes to die,” it said. “In other words, Powell may stick to his guns on (interim) restraint.” On Wall Street on Thursday, the S&P 500 slipped 0.4 per cent to 6,370.17. Its losses have been relatively modest, but it has not closed higher since setting a record on Aug. 14. The Dow Jones Industrial Average dropped 0.3 per cent to 44,875.50, and the Nasdaq composite fell 0.3 per cent to 21,100.31. Walmart was one of the market’s heaviest weights. It dropped 4.5 per cent after reporting a profit for the spring that fell short of analysts’ expectations, while Nvidia and other Big Tech stocks held a bit steadier following two days of sharp swings. The moves were stronger in the bond market, where Treasury yields rose after a report forced Wall Street to scale back hopes that the Federal Reserve may soon deliver relief by cutting interest rates. The report suggested growth in US business activity is accelerating and hit its fastest rate so far this year. That’s good news for the economy, but the preliminary data from S&P Global also said tariffs helped push up average selling prices at the fastest rate in three years. That’s a discouraging sign for inflation. No one expects a rate hike to happen, but the overwhelming expectation on Wall Street has been for coming cuts. The hope on Wall Street has been that Powell may give hints on Friday that easier rates may be coming. A cut in interest rates would be the first of the year, and it would give investment prices and the economy a boost by potentially making it cheaper to borrow to buy cars or equipment. But it could also risk worsening inflation. The Fed has been hesitant to cut interest rates this year out of fear that President Donald Trump’s tariffs could push inflation higher, but a surprisingly weak report on job growth earlier this month suddenly made the job market a bigger worry. Trump, meanwhile, has angrily pushed for cuts to interest rates, often insulting Powell while doing so. In other dealings early Friday, US benchmark crude lost 2 cents to USD 63.50 per barrel. Brent crude, the international standard, slid 2 cents to USD 67.65 per barrel. The US dollar rose to 148.76 Japanese yen, from 148.37 yen. The euro slipped to USD 1.1591 from USD 1.1606. (AP) RD RD