GLOBAL MARKETS-Asia off to slow start ahead of U.S. data deluge

* 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 was all but flat after taking a bit of a spill
on Friday. Japan's Nikkei .N225 was shut for a holiday, but
Nikkei futures NKc1 edged up 0.2%.
Wall Street extended its bull run with Nasdaq futures NQc1
and S&P 500 futures ESc1 both up 0.3%.
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.
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. Powell's 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 91.253 =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 $1.2026 EUR= , having backtracked
form 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 109.29 JPY= ,
well above its recent low of 107.46.
In commodity markets, gold held to a narrow range around
$1,768 an ounce XAU= sidelined in part by investor interest in
crypto currencies as an alternative hedge against inflation.
Ether hit a record high on Monday to trade within a whisker
of $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. Oil prices ran into profit-taking on Friday but still ended
the month with gains of 6% to 8%. O/R
Brent LCOc1 was last up 16 cents at $66.92 a barrel, while
U.S. crude CLc1 firmed 18 cents to $63.76 per barrel.

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(Editing by Shri Navaratnam)