Asia stocks up slightly in cautious trade as focus shifts to U.S. payrolls

TOKYO - Asian stocks edged higher on Friday, thanks to gains on Wall Street, but the mood was cautious before a key U.S. job report that could help determine whether the Federal Reserve cuts interest rates further.

“We’ll probably see a bounce in Asian shares, but then nervousness will creep into the markets as the day progresses,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney. That sentiment was underscored by a frail performance for world stocks in recent weeks, hurt by political uncertainty in the United Stated and Hong Kong, geopolitical tensions in the Middle East, Brexit and a drumroll of weak global data.

U.S. Treasury prices fell slightly but two-year yields remained near the lowest in two years due to growing signs the United States is feeling an economic chill from its trade war with China. However, some traders are braced for a disappointing result after the surprisingly soft data earlier this week on U.S. manufacturing, job creation, and the services sector.

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