(fxcue news) - Asian stock markets are trading mostly lower on Friday, following the broadly negative cues from Wall Street overnight, as traders are booking some profits and remain reluctant to continue buying stocks ahead of the Kansas City Fed's Jackson Hole Economic Symposium, which gets underway later in the day. They look ahead to Fed Chair Jerome Powell's comments for further clarity about the outlook for interest rates. Asian markets ended mostly higher on Thursday. However, traders feel the likelihood of a rate cut next month has already been priced into the markets. Ahead of Powell's remarks, CME Group's FedWatch Tool indicate a 75.5 percent of a quarter point rate cut next month and a 24.5 percent chance of a half point rate cut. The Australian stock market is modestly lower on Friday, snapping a ten-session winning streak, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to be a tad above the 8,000 mark, with weakness across most sectors led by mining and energy stocks as traders book some profits after the recent winning run. The benchmark S&P/ASX 200 Index is losing 23.80 points or 0.30 percent to 8,003.20, after hitting a low of 7,990.30 earlier. The broader All Ordinaries Index is down 29.10 points or 0.35 percent to 8,229.00. Australian markets ended modestly higher on Thursday. Among major miners, BHP Group and Fortescue Metals are losing almost 1 percent each, while Mineral Resources is declining more than 3 percent and Rio Tinto is down more than 1 percent. Oil stocks are mostly lower. Origin Energy is losing almost 2 percent, Woodside Energy is down almost 1 percent and Santos is edging down 0.3 percent. Beach energy is flat. Among tech stocks, Afterpay owner Block and WiseTech Global are losing almost 2 percent each, while Xero is edging down 0.5 percent. Zip is edging up 0.2 percent and Appen is gaining almost 1 percent. Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are edging up 0.1 to 0.2 percent each, while ANZ Banking is losing more than 1 percent. Gold miners are mostly lower. Evolution Mining is losing almost 2 percent and Resolute Mining is declining almost 3 percent, while Northern Star Resources and Gold Road Resources are declining more than 2 percent each. Newmont is edging up 0.1 percent. In other news, shares in Fisher & Paykel are skyrocketing almost 10 percent after the healthcare group lifted its financial 2025 profit guidance. Shares in Accent Group are tumbling almost 13 percent after the footwear retailer missed expectations with its profit report. Shares in Inghams are plummeting more than 18 percent after the poultry group warned on slowing volumes. In the currency market, the Aussie dollar is trading at $0.671 on Friday. Reversing the gains in the previous session, the Japanese stock market is trading modestly lower on Friday, following the broadly negative cues from Wall Street overnight. The benchmark Nikkei 225 is falling to be just above the 38,100 level, with weakness across most sectors led by index heavyweights and technology stocks. The benchmark Nikkei 225 Index is losing 93.57 points or 0.24 percent to 38,117.44, after hitting a low of 38,053.47 earlier. Japanese stocks closed significantly higher on Thursday. Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is gaining almost 1 percent, while Toyota is edging down 0.2 percent. In the tech space, Advantest is losing more than 3 percent, Tokyo Electron is declining almost 2 percent and Screen Holdings is down more than 1 percent. In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging up 0.5 percent each, while Sumitomo Mitsui Financial is edging down 0.3 percent. Among major exporters, Mitsubishi Electric and Sony are edging down 0.3 to 0.5 percent each, while Canon and Panasonic is edging up 0.2 to 0.4 percent each. Among other major losers, Lasertec is declining almost 4 percent and Socionext is losing almost 3 percent. Conversely, Sharp is surging more than 5 percent, while Shimizu and Taisei are gaining more than 4 percent each. Marui Group is advancing more than 3 percent, while Orix and Nichirei are adding almost 3 percent each. In the currency market, the U.S. dollar is trading in the higher 145 yen-range on Friday. Elsewhere in Asia, China, Hong Kong, South Korea, Malaysia and Taiwan are lower by between 0.2 and 0.7 percent each, while New Zealand and Indonesia are up 0.9 and 0.6 percent, respectively. Singapore is relatively flat. On Wall Street, stocks came under considerable selling pressure over the course of the trading session on Thursday after failing to sustain an early move to the upside. The major averages pulled back well off their early highs and firmly into negative territory. The Nasdaq and the S&P 500 finished the day just off their lows of the session. The Nasdaq tumbled 299.63 points or 1.7 percent to 17,619.35, the S&P 500 slumped 50.21 points or 0.9 percent to 5,570.64 and the Dow fell 177.71 points or 0.4 percent to 40,712.78. Meanwhile, the major European markets moved to the upside on the day. The German DAX Index rose by 0.2 percent and the U.K.'s FTSE 100 Index inched up by 0.1 percent, although the French CAC 40 Index closed just below the unchanged line. Crude oil prices have seen a notable rebound during trading on Thursday, regaining ground following the sell-off seen over the past several sessions. After plummeting by 8.0 percent over the four previous sessions, West Texas Intermediate Crude oil futures for September jumped $1.01 to 1.4 percent to $72.94 a barrel.