(fxcue news) - Asian shares rose broadly on Thursday, though a cautious undertone prevailed ahead of the annual conference of central bankers at Jackson Hole, Wyoming, where Fed Chair Jerome Powell may provide important clues on the likely policy ahead for U.S. monetary policy. Investors are waiting for fresh clues about how deeply and quickly the U.S. central bank will begin cutting interest rates in September. China's Shanghai Composite index dipped 0.27 percent to 2,848.77 as trade tensions flared up. China has launched an anti-subsidy investigation into dairy imports from the European Union on Wednesday, a day after the European Union said it plans to introduce an additional 9 percent tariff on Teslas imported from China. Hong Kong's Hang Seng index rallied 1.44 percent to 17,641 after the FOMC minutes hinted at a September rate cut. Tech stocks led the surge, with JD.com and Xiaomi climbing 3.5 percent and 9 percent, respectively. Japanese markets rose notably as the yen edged lower ahead of BOJ Governor Kazuo Ueda's testimony in front of parliament. Meanwhile, activity in Japan's manufacturing sector contracted slightly in August, but to a lesser extent than in previous months, while the services sector expanded, a business survey showed today. The Nikkei average climbed 0.68 percent to 38,211.01 while the broader Topix index settled 0.25 percent higher at 2,671.40. Among the top gainers, Sumitomo Dainippon Pharma surged 6.7 percent to hit a 52-week high. Seoul stocks eked out modest gains after the Bank of Korea held its key interest rate steady and took a more dovish tilt, noting that four of the bank's seven voting members were open to a rate cut within the next three months. The Kospi average inched up 0.24 percent to 2,707.67. Australian stocks rallied for the tenth consecutive session, with IT, Industrials and A-REITs sectors pacing the gainers. The benchmark S&P/ASX 200 rose 0.21 percent to 8,027 after strong earnings from retailers and banks. The broader All Ordinaries index gained 0.29 percent to end at 8,258.10. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index slipped 0.27 percent to 12,469.35. U.S. stocks eked out modest gains overnight as the July FOMC minutes reinforced hopes of a 25-bps rata cut during the September meeting if data continued to come in as expected. Investors shrugged off revised data showing that U.S. job growth over the past year was notably weaker than previously reported. The tech-heavy Nasdaq Composite climbed 0.6 percent, the S&P 500 added 0.4 percent and the Dow edged up 0.1 percent.