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· Global stocks steady, bonds sold as markets turn to Jackson Hole

Bonds sold off and stocks took a breather on Wednesday as investors waited to hear from the Federal Reserve about its next moves to support the U.S. economic recovery, while oil jumped to a five-month peak as a hurricane disrupted output in the Gulf of Mexico.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.1%, retreating slightly from a two-year high hit on Tuesday. Japan’s Nikkei was off 0.1%.

Fed Chairman Jerome Powell is due to speak at a virtual Jackson Hole symposium on Thursday and investors think he could outline a more accommodative approach to inflation which would open the door to easier policy for a long time to come.

· China stocks end lower after ChiNext snaps sharp two-day rally

Chinese shares closed lower on Wednesday, hurt by weakness in tech-heavy startup board ChiNext, after investors booked profits after two consecutive sessions of sharp gains.

The blue-chip CSI300 index ended down 1.2% at 4,706.13 and the Shanghai Composite index shed 1.3% to close at 3,329.74.

ChiNext dropped 2.1%, while the STAR50 index was down 3.1%.

· Japanese shares pause after prior session rally

Japanese shares closed flat on Wednesday as investors chose to book profit after the Nikkei briefly rebounded to pre-pandemic levels in the previous session, while a weaker yen and sustained hopes for COVID-19 treatment supported overall sentiment.

The benchmark Nikkei share average ended down 0.03% to 23,290.86, after closing 1.35% firmer on Tuesday. It hit its highest level since Feb. 21 in the last session, as investors cheered signs that researchers might be closer to a treatment for the coronavirus.

The broader Topix dipped 0.05% to 1,624.48.

While investors are keenly watching Federal Reserve Chair Jerome Powell’s speech on Thursday for clues on the U.S. central bank’s view on inflation and monetary policy and also waiting for details on the health of Japanese Prime Minister Shinzo Abe.

· European markets lose momentum with flat open