On May 8, most Asian stock markets traded within a stable to lower range as the rebound in the Chinese market stalled and comments from certain Federal Reserve officials sparked concerns about the timing of future interest rate cuts in the United States.

Regional markets were influenced by mixed signals from Wall Street's relatively stable overnight close, with Neil Kashkari, President of the Federal Reserve Bank of Minneapolis, suggesting that the central bank may keep rates unchanged for the remainder of the year, dampening expectations of rate cuts.

Asian markets had a positive start to the week following weaker-than-expected nonfarm payroll data, fueling speculation of a rate cut in September. However, cautious remarks from Federal Reserve officials over the past two days have tempered these expectations.

The Shanghai Composite, Shenzhen Component, and CSI 300 indices in China fell by 0.4% and 0.3% respectively, slightly below the six-month highs reached after a strong rebound in recent months.

Optimism about the outlook for the Chinese economy, coupled with ongoing stimulus measures and reduced investment restrictions, has driven the recent surge in the stock market. Bargain hunting following a drop in benchmark indices to over five-year lows at the end of January has helped fuel these gains.

Focus remains on more economic signals from Asia's largest economy, with April trade data set to be released on Thursday.

The Hang Seng Index in Hong Kong was an exception, rising by 0.5% to an eight-month high due to gains in technology and real estate stocks.

The Nikkei 225 index was one of the worst performers in Asia, falling 1.3% from a three-week high, with investor caution in the Japanese market due to recent currency fluctuations sparked by government intervention.

The government appeared to intervene in the currency market last week, lifting the yen from 34-year lows. However, the yen has now retreated from these lows.

This has made traders nervous about any further action, especially with Japanese officials issuing statements against speculation on the yen.

The stronger yen has put pressure on Japanese exporters while hindering foreign inflows into the domestic market.

The broader TOPIX index in Japan fell by 1.1%. Focus also remains on Toyota Motor's annual profits, which declined by 1.6%.

Broader Asian markets traded within a stable to lower range. Australia's ASX 200 index held near a one-month high as a less hawkish signal from the Reserve Bank on Tuesday prompted a strong rebound.

South Korea's KOSPI remained stable, while India's 50 index futures indicated a calm opening after a slow decline from recent record highs.