(fxcue news) - Asian stocks turned in a mixed performance on Monday as investors awaited cues from the FOMC meeting minutes along with speeches by Fed Chair Jerome Powell and other Fed speakers this week for additional clues on the rate trajectory. The dollar began the week on a weak note after a couple of Fed officials said its time to adjust borrowing costs. Oil and gold prices fell slightly in Asian trading as the U.S. pushed for a deal between Israel and Hamas to end the war on Gaza, calling it 'maybe the last opportunity to get the hostages home'. China's Shanghai Composite index rose 0.49 percent to 2,893.67 ahead of Tuesday's interest-rate decision by China's central bank. Hong Kong's Hang Seng index climbed 0.80 percent to 17,569.57. Japanese markets tumbled on profit taking after last week's sharp rally. The Nikkei average fell 1.77 percent to 37,388.62, snapping a five-day winning streak as the yen strengthened on dovish Fed expectations. The broader Topix index settled 1.40 percent lower at 2,641.14 ahead of the release of Japanese inflation data due this week. Investors ignored data that showed Japan's core machinery orders rose more than expected in June compared to month ago. Automakers Honda, Nissan, Mitsubishi and Toyota dropped 1-3 percent. Retailer Seven & I Holdings surged 22.7 percent after receiving a takeover bid. Seoul stocks fell notably, with the Kospi average ending down 0.85 percent at 2,674.36 as investors cashed in profits following recent gains. Australian markets edged up slightly as banks and gold miners advanced, offsetting losses in the mining sector. The benchmark S&P/ASX 200 inched up 0.12 percent to 7,980.40 while the broader All Ordinaries index finished marginally higher at 8,194.80. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dipped 0.52 percent to 12,662.11. Dairy firm a2 Milk plummeted 18.9 percent to hit a four-month low after releasing its FY24 result and downgrading guidance. U.S. stocks fluctuated before finishing modestly higher on Friday, booking their best weekly advance since November as recession worries eased and hopes grew for a Federal Reserve rate cut in September. Separate data revealed U.S. residential construction slowed in July 2024 with permits and starts declining. The three major averages all rose around 0.2 percent as a survey showed consumer sentiment rose in August and inflation expectations remained unchanged over the next year and beyond.