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1 Stocks Wobble as Traders Eye uS Payrolls Data, Yen At 2 month High

HK stocks set for greatest weekly performance in 4 months

Yen at two month high up on rising bets on rate walkings this year

Gold consistent near record peak, oil set for 3rd weekly drop

By Ankur Banerjee

SINGAPORE, Feb 7 (Reuters) - Global stocks meandered on Friday ahead of key U.S. payrolls data as investors thought about potential customers that a more comprehensive trade war might be prevented, while the yen hit its greatest in nearly two months on rising chances of more rate hikes in Japan this year.

In a week that began with U.S. President Donald Trump starting a trade war, investors have actually been hesitant in making significant moves as threatened duties on China were carried out.

Beijing's determined tit-for-tat reaction has left room for settlements, say, which has enabled traders to concentrate on the AI style in China in the wake of home-grown start-up DeepSeek's development.

European futures pointed to a controlled open after the pan-European STOXX 600 index closed at a record high on Thursday on the back of robust company earnings.

European stocks have actually staged their finest efficiency in a years against Wall Street in the very first six weeks of 2025, but focus is now on whether those gains can be sustained.

Eurostoxx 50 futures were down 0.41%, while FTSE futures fell 0.39%. DAX futures relieved 0.21%.

Futures for Nasdaq and larsaluarna.se S&P 500 were down about 0.2% as shares of Amazon insinuated extended trading overnight on weak point in the retailer's cloud computing system and soft projection.

In Asia, Hong Kong's Hang Seng Index hit a three-month high, poised for a 4% rise in the week, its greatest weekly performance sustained by DeepSeek-led AI bets.

China's blue-chip stock index was 0.4% greater after touching a one-month high leaving MSCI's broadest index of Asia-Pacific shares outside Japan at its greatest considering that mid-December.

"Whilst there is substantial noise and uncertainty, we don ´ t see escalating trade tensions as a game changer in the prospects for the Chinese market," said James Cook, investment director for emerging markets at Federated Hermes.

"China's larger problem is not Trump but the domestic economy."

On the financial front, unemployed claims, layoffs and labour costs/productivity provided a beginning to Friday's keenly awaited January employment report, with the data likely to show the impact of wild fires in California and cold weather throughout much of the nation.

Nonfarm payrolls are expected to have increased by 170,000 tasks last month after surging 256,000 in December, a Reuters poll of financial experts revealed.

"Markets could face some volatility around the data if it beats expectations, but it won't alter the course of the FOMC policy as more data will be required," said Anderson Alves, a trader with ActivTrades.

Markets are pricing in 43 basis points of relieving this year from the Fed with a rate cut in July fully priced in as policymakers remain in no hurry to start the rate-cutting cycle again.

While political uncertainties kept financiers careful, fears have alleviated that Trump's approach to tariffs could intensify into an international trade war.

RISING YEN

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