Asian shares were trying to avoid a fourth straight session of falls on Wednesday as U.S. stock futures steadied in the wake of a pullback in largecap tech darlings. Holidays in Japan, China and South Korea helped cushion markets, leaving MSCIs broadest index of AsiaPacific shares outside Japan up 0.1. Japans Nikkei was shut, but futures recouped early losses to stand at 28,850 compared to the last cash close of 28,812.
Indias Nifty 50 started up 0.7 ahead of a speech by the countrys central bank governor, which might include policy changes to support the pandemicstricken economy. Nasdaq futures edged up 0.3 after a sharp fall overnight, while SP 500 futures also added 0.3. The Nasdaq had dropped 1.9 on Tuesday as some big tech names ran into profittaking, including Microsoft Corp, Alphabet Inc, Apple Inc and Amazon.com Inc.
Stretched valuations were tested when U.S. Treasury Secretary Janet Yellen said rate hikes may be needed to stop the economy overheating. read more She later waked back the comments, but it reminded investors that rates would have to rise at some point in the future.
One such challenge looms on Friday when U.S. payrolls data are forecast to show a hefty rise of 978,000, while some estimates go as high as 2.1 million. So far, Federal Reserve Chair Jerome Powell has argued the labour market is still far short of where it needs to be to start talking of tapering asset buying.
The euro dropped back to 1.2020 and threatened to breach important chart…