(fxcue news) - European stocks are likely to open on a mixed note Friday as investors await Fed Chair Jerome Powell's Jackson Hole speech later in the day for greater clarity on the timing and pace of possible interest rate cuts this year. Swaps pricing currently indicates three 25 basis point cuts across the remaining three Fed policy meetings this year. Speaking to CNBC from the Fed's annual retreat in Jackson Hole, Wyoming, Philadelphia Federal Reserve President Patrick Harker on Thursday said the Fed should ease "methodically and signal well in advance." Kansas City Fed President Jeffrey Schmid also leaned toward a cut ahead, noting he does not believe monetary policy is "over-restrictive." Boston Fed President Susan Collins said in an interview with Fox Business that inflation has eased "quite a lot", the labor market is healthy, and a gradual, methodical pace (of interest rate cuts) is likely to be appropriate. Asian markets fluctuated in cautious trade while the yen strengthened against the dollar after BOJ Governor Kazuo Ueda struck some hawkish notes before lawmakers during a parliamentary hearing. Treasury yields eased slightly, after having climbed overnight for the first time in five sessions. Gold edged up slightly but was poised for a weekly loss. Likewise, oil extended overnight gains but was poised for a weekly loss on China demand concerns. Hopes dwindled for a ceasefire in the Gaza Strip as fighting raged on the ground in parts of Palestinian territory. U.S. stocks ended lower overnight as a rise in Treasury yields prompted traders to book some profits after recent strong gains. A measure of U.S. business activity fell to a fourth-month low in August and the number of Americans filing new applications for unemployment benefits ticked up in the latest week, raising economic uncertainty. The tech-heavy Nasdaq Composite tumbled 1.7 percent, the S&P 500 shed 0.9 percent and the Dow dipped 0.4 percent. European stocks rose for a second straight session on Thursday as the minutes from the Fed and ECB meetings left the door open to rate cuts in September. The pan European STOXX 600 gained 0.4 percent. The German DAX edged up 0.2 percent and the U.K.'s FTSE 100 ended flat with a positive bias while France's CAC 40 finished marginally lower.