Asian shares slipped on Friday despite new stimulus steps taken by three major central banks, as sentiment stayed cautious with the focus now on U.S. jobs data due later in the day.
European stocks were likely to decline, with financial spreadbetters calling the main indexes in London, Paris and Frankfurt to open down 0.3-0.8%. U.S. stock futures were down 0.2%.
The U.S. jobs report will offer clues about the extent of damage the euro zone's debt crisis is inflicting on the U.S. economy and whether the Federal Reserve might also attempt more monetary stimulus.
Thursday's solid U.S. private employment data could dampen such hopes, but a Reuters poll showed expectations were for non-farm payrolls to expand by just 90,000 jobs in June.
"The U.S. jobs report will be the focal point today as a weak figure could signal additional stimulus by the Federal Reserve in their next meeting," said Nam Truong, a dealer at Capital Spreads in London.
Commodities fell as monetary easing on Thursday by the European Central Bank, the Bank of England and the People's Bank of China underscored global concern at a deteriorating world economy.
MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.9%, but was set to log a rise of about 1.2% for the first week of the third quarter thanks to a rally earlier in the week that lifted the index to a seven-week high. Japan's Nikkei average slid more 1%.
Hong Kong and Shanghai shares both fell 0.5%, dragged lower by the banking sector on worries that Beijing's cut in interest rates will further erode net interest margins.
China surprised markets with its rate cut, coming just four weeks after a previous rate cut and ahead of economic data next week including second-quarter gross domestic product - feeding fears the outcome will be weaker than earlier expected.
Vice Premier Wang Qishan said in comments published late on Thursday that China would have difficulty meeting its 10% trade growth target this year. The trade data, due out on July 10, is likely to show exports grew 9.9% from a year ago as imports grew 12.7%.
"There are two factors that led to the move - slowing growth and cooling inflation, and further monetary stimulus is likely soon as China seeks to bring the economy to a comfortable level in time for a political leadership change in the fall," said Chiyuki Shiraiwa, economist at SMBC Nikko Securities.
U.S. crude futures fell 1.2% at $86.15 a barrel and Brent was down 1.1% at $99.55. London copper slipped 0.6% at $7,653 a tonne.
EURO REMAINS STRESSED
After slumping on the ECB rate cut, the euro eased 0.1% to $1.2380, closing in on its lowest level since June 1 of $1.23638 hit on Thursday.
The euro stayed near its record lows against the Australian dollar of A$1.2015 and against the New Zealand dollar of NZ$1.5366 marked after the ECB rate decision.
ECB President Mario Draghi's weak economic outlook for the euro zone and a lack of more dramatic steps such as resuming purchases of troubled euro zone government bonds or flooding banks with fresh liquidity weighed on sentiment.
The BoE announced on Thursday it would buy 50 billion pounds of assets with newly created money while the ECB cut its main rate by 25 basis points to a record low of 0.75% and reduced its deposit rate, a floor for the money market, to zero from 0.25%.
With investors less than convinced the latest central bank moves will drive down borrowing costs of highly indebted countries, Madrid was forced to pay the highest rates in over seven months to borrow 10-year funds at an auction on Thursday.
On the same day, Ireland returned to short-term debt markets for the first time since before its global bailout in November 2010, paying less for three-month paper than Spain.
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