The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

0732 GMT - Yields on U.K. government bonds, or gilts, rise ahead of U.S. Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole Symposium due at 1400 GMT. Investors await his views on the economy and inflation as they seek to gauge the possible path of future Fed interest-rate decisions. Still, Warsh has said he is against giving forward guidance. "Even though we don't expect much to work with, all words will be weighed carefully by markets," ING analysts say in a note. Investors will also be looking for reassurance on the Fed's independence. Ten-year gilt yields climb 2.1 basis points to last trade at 5.049%, Tradeweb data show. (miriam.mukuru@wsj.com)

0702 GMT - China's official manufacturing PMI likely rose to 49.5 in August from 49.2 in July, according to a poll of 10 economists surveyed by The Wall Street Journal. The reading would mark the second consecutive month that the gauge has remained in contraction territory, as heavy summer rains exacerbated the seasonal slowdown in manufacturing activity. China's statistics bureau is due to release the data on Monday. (singaporeeditors@dowjones.com)

0701 GMT - The U.S. dollar trades steady, awaiting new impetus from Federal Reserve Chairman Kevin Warsh's keynote speech at the Kansas City Fed's Jackson Hole symposium later on Friday. Other Fed speakers on the opening day of the symposium on Thursday "struck a notably hawkish tone" by warning on inflation, says Danske Bank's Jesper Fjarstedt in a note. However, the dollar has failed to firm, with all eyes on Warsh. Money markets continue to price a 65% probability of unchanged rates at the Sept. 16 Fed rate decision, according to LSEG. The DXY index, which measures the dollar against a basket of currencies, is stable at 99.178. (emese.bartha@wsj.com)

0653 GMT - Eurozone government bond yields rise in early trade at a faster pace than their U.S. peers, with the 10-year Bund yield rising to a 15-year high of 3.276%, according to Tradeweb data. "The outlook for bond markets ahead of the weekend is poor," Commerzbank's Christoph Rieger says in a note. "Rising oil prices, higher eurozone inflation, and a hawkish European Central Bank could push 10-year Bund yields to new highs even before [Federal Reserve Chairman Kevin] Warsh's keynote address," the head of rates and credit research says. (emese.bartha@wsj.com)

0642 GMT - Bangko Sentral ng Pilipinas expects inflation in the Philippines to have stayed elevated in August. Price increases were likely driven by higher rice, vegetable, fruit and fish prices amid unfavorable weather conditions and rising domestic fuel costs, BSP says in a statement. Still, inflation is likely to be offset by lower prices for meat and electricity rates, as well as a stronger peso. BSP says it will continue to assess the impact of developments in the Middle East and recent weather disturbances on the Philippines' inflation and economic outlook. The central bank projects inflation to settle at 5.5%-6.5% for August, compared with July's 6.2%. (amanda.lee@wsj.com)

0641 GMT - What Kevin Warsh says--or doesn't say--at Jackson Hole could move the market in a considerable way, says Ipek Ozkardeskaya at Swissquote. Warsh makes his first speech as Fed chair at the forum at a time of stubbornly above-target inflation and bond-market strain. After the Treasury said it would increase buybacks of longer-term debt to tame borrowing costs, investors are wondering how the Fed will respond to market intervention that could interfere with its policy steering. If Warsh seeks to regain credibility on his dual mandate of balancing inflation and unemployment, hawkish expectations would push the short end of the yield curve and the dollar higher, and equities lower. Silence on the Treasury strategy could trigger renewed selling pressure on the dollar and longer-maturity bonds. (fabiana.negrinochoa@wsj.com)

0639 GMT - Accelerating service prices in Tokyo signal growing momentum that could drive broader Japanese inflation well past the Bank of Japan's target, says JPMorgan economist Takuho Morimoto. Tokyo service prices rose 1.4% in August from a year earlier, government data showed Friday. However, excluding nursery fee subsidies, underlying service inflation reached 2.3%, Morimoto estimates. Medical costs and rents--historically kept low by administrative pricing and measurement lags--are now moving toward or above 2%, he says. "It would reinforce the view that underlying inflation momentum is turning higher and underscore the risk that inflation could overshoot the [BOJ's] 2% target by a meaningful margin."(megumi.fujikawa@wsj.com)

0629 GMT - Fed Chair Warsh's address at Jackson Hole will try to achieve four main objectives, says Samarra Hammoud, FX strategist at CBA. These are: restore confidence in the Fed's commitment to containing inflation, ease concerns around fiscal dominance, convince markets that less reliance on forward guidance won't undermine stability, and build confidence in the Fed's taskforces, she says.These are ambitious goals and markets should be skeptical that communication alone will be enough to achieve them, Hammoud adds. Given Warsh's aversion to forward guidance, there is a risk markets judge his comments as insufficiently forceful on inflation. In that scenario, the dollar can fall, she says. (james.glynn@wsj.com; X @JamesGlynnWSJ)

0605 GMT - Underlying inflation in the Tokyo metropolitan area is likely much higher than official government data suggests. After adjusting for policy-driven discounts, such as subsidies for utilities and nursery fees, consumer prices excluding fresh food and energy are likely running at 2.5%, well above the 2% rise shown in Friday's data for August and the Bank of Japan's 2% target, says JPMorgan's Takuho Morimoto. "We expect inflation to accelerate further into year-end, increasing pressure on the BOJ and raising the risk that a delayed policy response could prove costly," the economist says. The overnight index swaps market is currently pricing in an 85% chance of a September rate hike. (megumi.fujikawa@wsj.com)

0559 GMT - Negotiations on the 2027 budget will be a key risk across the eurozone government bond universe, Societe Generale rates strategists say in a note. The talks could potentially refocus investor attention on fiscal challenges and political uncertainty, including in Italy and Spain, they say. The strategists thus recommend investors stay bearish on French government bonds, or OATs, and mildly bullish on Italian and Spanish government bonds. As regards intra-eurozone bond yields, they remain close to recent highs, but within Societe Generale strategists' projected ranges. "Persistent geopolitical uncertainty and elevated oil and gas prices are not helping, alongside the global focus on growing sovereign debt, expectations of renewed supply, and increased political uncertainty after the summer recess," they say, favoring front-end bonds where carry remains most attractive. (emese.bartha@wsj.com)

0544 GMT - U.S. Treasury yields rise marginally ahead of Federal Reserve Chairman Kevin Warsh's keynote speech at the Jackson Hole meet Friday. Bond investors are keen to hear Warsh's view on the fight against inflation and whether the recent softer data is enough for the Fed to stay on hold in September, SEB's Johan Javeus says in a note. Further, investors would like to hear his thoughts on the Fed's ability and willingness to help Treasury Secretary Scott Bessent in the fight to keep long-term interest rates down, as well as on possible changes in how the Fed will communicate with the market going forward, the senior economist says. The 10-year Treasury yield is up 0.8 basis point at 4.679%, according to Tradeweb. (emese.bartha@wsj.com)

0543 GMT - Floating unconventional policy ideas aren't good for market sentiment, according to Chris Iggo, chair of AXA IM Investment Institute and CIO Core at BNP Paribas Asset Management. "It makes investors question what the motivation is," he says in a note. Given the U.S. midterm elections are just over two months away, "some may conclude the key motivation is political," Iggo says. The U.S. Treasury last week announced doubling volumes at its buyback operations of long-dated securities, and there has been talk of using the Treasury's General Account to fund these buybacks.