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Stock markets on edge as China prepares for new tariffs; US jobs report in focus

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Stock markets on edge as China prepares for new tariffs; US jobs report in focus

? Investors await U.S. jobs report.

? Trade tensions keep stock markets on edge.

? Emerging-market currencies get reprieve.

? Sweden heads to the polls on Sunday.

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Futures point to a lower opening for Wall Street as investors await data on U.S. employment and a potential new batch of U.S. tariffs on Chinese goods.

The Shanghai SE Composite index gained 0.40% at today's close, while Hong Kong's Hang Seng was little changed, after a public consultation on U.S. proposals for 25% tariffs on $200 billion of Chinese imports came to an end. The White House has yet to announce whether it will push through with the tariffs, which UBS strategist Keith Parker warned could wipe off 5% from the S&P 500, according to Bloomberg News.

Japan's Nikkei 225 dropped 0.80% as U.S. President Donald Trump appeared to suggest that Japan may be next in line to face U.S. tariffs. The yen pared back earlier gains and was mostly unchanged against the dollar as of 6:40 a.m. ET.

European equities were not faring better, with the Euro Stoxx 50 losing 0.33% and the FTSE 100 down 0.65%. International Consolidated Airlines Group SA's shares were down 3.08% after unit British Airways PLC said a breach of its website and mobile app compromised personal and financial customer information.

The euro was broadly stable against the dollar, shrugging off news that economic growth in the eurozone was revised down to 2.1% in the second quarter. The Chinese yuan dipped 0.11% after data showed the country's foreign reserves declining by $8.23 billion in August to $3.110 trillion.

Among emerging-market currencies, the Turkish lira rose 1.82%, the South African rand climbed 1.47% and the Mexican peso added 0.23% against the dollar. U.S. employment data due later today is expected to have limited effect on the dollar, according to ING Research strategists.

Ten-year yields on the U.S. Treasurys stood at 2.888%, while two-year yields gained nearly 2 basis points to 2.653% ahead of today's jobs report. German Bunds slipped as 10-year yields added almost 2 basis points to 0.373%.

Brent crude oil dipped 0.26% to $76.30 per barrel on the ICE Futures Exchange. Gold edged up 0.10% to $1,201.21 per ounce.

Looking ahead, Sweden holds parliamentary elections Sunday which will reveal whether the Social Democrats, which are in a center-left coalition government with the Greens, can retain power amid rising popularity of the anti-immigration, anti-European Union Sweden Democrats.

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The day ahead:

8:30 a.m. ET — U.S. employment data (unemployment 3.8%, participation rate 62.8%, nonfarm payrolls 195,000 monthly)

8:30 a.m. ET — Canada labor force survey (Econoday consensus: employment 15,000; unemployment 5.9%)

8:30 a.m. ET — U.S. Fed's Eric Rosengren speaks

9 a.m. ET — U.S. Fed's Loretta Mester speaks

10 a.m. ET — U.S. quarterly services survey

10 a.m. ET — Canada Ivey Purchasing Managers' Index

1 p.m. ET — U.S. Baker-Hughes rig count