* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Volumes thin with Japan and China shut on Monday
* Focus on U.S. manufacturing, jobs data
* Upbeat numbers to test Fed patience on policy
By Wayne Cole
SYDNEY, May 3 (Reuters) - Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the U.S. leading a global economic recovery.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.7%, led by a 1.3% drop in Taiwan .TWII . Japan's Nikkei .N225 was shut for a holiday, but Nikkei futures NKc1 edged up 0.4%.
A busy week for U.S. economic data is expected to show resounding strength, particularly for the ISM manufacturing survey and April payrolls. Forecasts are that 978,000 jobs were created in the month as consumers spent their stimulus money and the economy opened up more.
Analysts at NatWest Markets, for instance, see payrolls surging by 1.25 million in April with unemployment diving to 5.2%, from 6% in March.
Such gains could stir speculation of a tapering in asset purchases by the Federal Reserve, though Chair Jerome Powell has shown every sign of staying patient on policy.
"Payrolls should show another near 1 million jobs gain, but that would still leave them 7.5 million below pre-COVID levels," said Tapas Strickland, a director of economics at NAB.
"Chair Powell recently noted that it would take a string of months of job creation of about a million a month to achieve the substantial progress required to justify tapering QE."
Powell is due to speak later on Monday and will be followed by a raft of Fed officials this week. Dallas Fed President Robert Kaplan caused a stir on Friday by calling for beginning the conversation about tapering. patience has helped limit selling pressure in Treasuries, yet 10-year yields still ended last week with a rise of 6 basis points to be last at 1.626% US10YT=TWEB .
The rise offered some support to the U.S. dollar which has been pressured by the rapid expansion of the U.S. budget and trade deficits, a by-product of the economy's outperformance.
The dollar index stood at 91.330 =USD and off a two-month trough of 90.422, though it still ended April with a loss of 2%.
The euro was steady at $1.2021 EUR= , having backtracked from a nine-week peak of $1.2149 on Friday. It now has solid support around $1.1990.
The dollar has fared better on the yen at 109.57 JPY= , well above its recent low of 107.46.
Ether hit a record high on Monday above $3,000, extending last week's rally in the wake of a report that the European Investment Bank (EIB) could launch a digital bond sale on the ethereum blockchain network. prices ran into profit-taking, having ended last month with gains of 6% to 8%. O/R
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Asia stock markets
https://tmsnrt.rs/2zpUAr4 Asia-Pacific valuations
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Shri Navaratnam and Lincoln Feast.)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.