Global Markets Cautiously React Ahead of US Jobs Data

Key Highlights:

* European and US stock futures decline with muted trading as investors await crucial US nonfarm payroll figures.
* Asian equities gain, led by mainland China, while Hong Kong's technology index approaches a technical bull market.
* US Treasury yields remain stable after Thursday's declines, while the dollar index inches higher.
* Japan's yen weakens, while India delivers a 25 basis point rate cut.
* Investors anticipate a revision to January employment data, but estimates vary.

Stock Market Movements:

* S&P 500 futures decline marginally by 0.1%, while Topix loses 0.4% in Japan.
* Hang Seng gains 0.7% in Hong Kong, and Shanghai Composite rises 1%.
* Euro Stoxx 50 futures drop 0.3%.

Currency Movements:

* Bloomberg Dollar Spot Index increases slightly by 0.1%.
* Euro remains stable at $1.0375.
* Japanese yen falls 0.2% to 151.76 per dollar.
* Offshore yuan holds steady at 7.2937 per dollar.

Cryptocurrency Movements:

* Bitcoin gains 0.5% to $97,334.86.
* Ether rises 0.1% to $2,713.45.

Bond Market Activity:

* Yield on 10-year Treasuries rises one basis point to 4.45%.
* Japan's 10-year yield increases 1.5 basis points to 1.290%.
* Australia's 10-year yield gains four basis points to 4.36%.

Commodities:

* West Texas Intermediate crude rises 0.4% to $70.89 a barrel.
* Spot gold advances 0.2% to $2,863.13 an ounce.

Focus on US Jobs Report:

* Nonfarm payroll figures are expected to show 175,000 new roles added to the US economy.
* Substantial revisions to January employment data are anticipated.
* A weak report could bolster expectations for further Fed rate cuts, while a strong result may weaken those prospects.

Revision Risk:

* January employment data revisions typically receive limited attention, but a substantial downward revision estimated at 818,000 has raised concerns.

Fed Outlook:

* Fed Chair Jerome Powell emphasized the need for inflation progress and "serial readings" showing improvement.
* Market participants still anticipate a Fed rate cut later this year.

Other Market News:

* India lowers rate by 25 basis points.
* Amazon shares decline after disappointing earnings projections.
* Japan's Prime Minister Ishiba meets with US President Trump.