GLOBAL MARKETS-World shares edge down ahead of U.S. jobs data

* World shares set for worst week in more than two months
* Dollar heads for its best week since May
* German industrial data point to slow recovery
* U.S. jobs data eyed
* World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

By Tom Arnold and Tom Westbrook
LONDON/SINGAPORE, Sept 4 (Reuters) - World shares edged
lower on Friday, and were on course for their worst week in more
than two months, though gains in safer assets like bonds and the
dollar were muted as investors awaited U.S. jobs data to see if
it triggers a bigger sell-off.
The pan-European STOXX 600 index .STOXX added 0.4%,
rebounding from its worst day in more than a month a day before
amid a tech-led plunge on Wall Street on Thursday.
Data showed German industrial goods orders rose by a
smaller-than-expected 2.8% on the month in July, undermining
hopes of recovery for Europe's largest economy from the
coronavirus shock. MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS fell 1.3% and looked set to snap a six-week
winning streak with its biggest weekly loss since April. Japan's
benchmark Nikkei share average .N225 closed down 1.1%.
The MSCI world equity index .MIWD00000PUS , which tracks
shares in 49 countries and had touched record highs earlier on
Thursday, shed 0.1%.
"Stock market valuation is rich on a stand-alone basis, but
far less extreme compared to other asset classes. Hence, it's
likely a bit too soon to be calling the next bear market even
though September 3 did mark the top of the equity market back in
1929," said Jeroen Blokland, portfolio manager at Robeco.
Futures were under pressure, but not as much as earlier in
the session. Nasdaq 100 futures NQc1 were down 0.8% and S&P
500 futures ESc1 down 0.2%.
Focus is now on U.S. payrolls figures due at 1230 GMT, which
could be a selling trigger if an expected slowdown in hiring is
deeper than forecast. "I don't think a huge number of investors will be adjusting
their positions ahead of the U.S. payroll data but because of
yesterday's sell-off there will be a bit more sensitivity to the
data," said James Athey, investment director at Aberdeen
Standard Investments.
"U.S. jobs data has been pretty consistently awful in a big
picture sense. Fundamentally, there is nothing that can happen
in payrolls that can tell you much more about the trajectory of
the economy."
Foreign exchange markets were on edge at the possibility and
a safety bid helped the dollar =USD cling to gains that have
it headed for its best week in more than two months. FRX/
The euro EUR=EBS , which has fallen from a 28-month peak
above $1.20 on talk the European Central Bank is concerned about
its strength, seems to have eased its slide for now, and last
sat at $1.1839.
The yen JPY=EBS was steady at 106.14 per dollar and bonds
pared what was a pretty modest rise overnight, given the
sell-off in the equity market.
Elsewhere, Turkey's lira weakened for a fifth straight
session to a new record low as pressure rose on the central bank
to tighten credit amid stubbornly high inflation. Benchmark U.S. 10-year bond yields US10YT=RR rose about 2
basis points on Friday, having fallen overnight. US/
German yields stabilised, having fallen the day before on
equity sell-offs.

TECH TUMBLE
Thursday's tumble was the biggest one-day percentage drop on
the tech-focused Nasdaq 100 .NDX since March and the darling
stocks of recent months were hit hardest. .N
Still, the plunge in Apple AAPL.O , Tesla TSLA.O and
Microsoft MSFT.O only wound the Nasdaq .IXIC back as far as
where it sat last Tuesday. It is still up 28% for the year so
far and 73% higher than its March trough.
"No single factor sparked the sell-off," said Kerry Craig,
Global Market Strategist at J.P. Morgan Asset Management, citing
more general worries the rally had run too far, too fast.
"However, this is unlikely to be a repeat of the tech wreck
of the late 1990s, given how much the market and sector have
changed," he added.
Tech selling in Asia was limited. In South Korea Samsung
005930.KS fell 1.4% and there was modest pressure on Apple
suppliers in Shanghai and Taipei. But falls in consumer staples
and financials led losses on the Hong Kong and China bourses.
In commodity markets, oil was headed for its largest weekly
drop since June amid worries about demand as the U.S. summer
driving season draws to a close.
Brent crude futures LCOc1 were flat at $44.07 a barrel and
U.S. crude CLc1 was also trading sideways $41.38 a barrel.
O/R
Gold XAU= added 0.3% as investors sought out the safety of
the precious metal ahead of the U.S. non-farm payrolls data.
GOL/

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MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Rouble tumbles https://tmsnrt.rs/31Rndf5
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