While Asian stock market indices were trading mixed on Tuesday (23 August), the Shanghai Composite was up 0.07% at 3,086.83 as of 6.02am GMT. Investors seem to await the Federal Reserve Bank of Kansas City's monetary policy symposium at Wyoming, US, on Friday (26 August).

In the past, many Fed chairpersons have used the symposium to make important policy pronouncements. This time around, investors expect Fed Chair Janet Yellen to give a hint about the timeline of the next rate hike in her speech.

Most Asian stock markets trade higher following China’s GDP reports
The Nikkei declined the most on 23 August despite data indicating an improvement in August manufacturing activity Reuters

"It's still early days yet for the Jackson Hole conference ... but the markets seem to be already discounting the possibility that Yellen may look to talk up a September rate hike," Angus Nicholson, a market analyst at spreadbettor IG, was quoted as saying by CNBC.

Meanwhile, data from a survey showed that manufacturing activity in Japan had shown improvement in August. The output had increased for the first time in six months. However, this had little impact on the Japanese stock markets, according to Reuters.

Indices in the rest of the region were trading as follows at 6.14am GMT

Hong KongHang Seng Index22,919.69Down0.34%
JapanNikkei 22516,484.54Down0.68%
South KoreaKOSPI2,048.69Up0.32%
IndiaCNX Nifty8,624.10Down0.06%
AustraliaS&P/ASX 2005,553.80Up0.70%

Overnight (22 August), the Dow Jones Industrial Average closed at 18,529.42, down 0.12%, while the FTSE 100 closed at 6,828.54, down 0.44%.

Among commodities, oil prices declined from two-month highs amid oversupply concerns. Data showed that China, Iraq and Nigeria had increased their exports and shipments, while the US had increased its rig count. While WTI crude oil was trading lower by 0.93% at $46.97 (£35.69) a barrel, Brent crude was trading 0.75% lower at $48.79 a barrel as of 6.25am GMT.