Equity benchmarks in Australia, Japan, South Korea and Hong Kong all climbed. A region-wide share gauge headed for its second daily advance — that would mark the first back-to-back rise in three weeks. Despite the early gain, the Hang Seng index is on track to decline for a fifth week.

US equity futures were little changed after the S&P 500 fell 0.1% on Thursday while the tech-heavy Nasdaq 100 slipped 0.4%, though both were well off their lows for the day. Mainland China markets remain shut for a weeklong holiday. 

Treasuries were little changed. Yields were mixed in New York on Thursday with 10-year yields edging lower while those on their 30-year counterparts gained three basis points. Bloomberg’s index of the dollar strengthened Friday after falling for a second day on Thursday.

Major currencies were little changed against the greenback. The yen was steady as former Bank of Japan official Kazuo Momma, currently executive economist at Mizuho Research & Technologies, said the central bank board members would be likely to discuss whether to tweak forward guidance and yield curve control when they meet later this month.

Friday’s nonfarm payrolls report is forecast to show US employers slowed hiring in September. Separate employment data this week provided a discordant narrative: the so-called JOLTS job-openings figures overshot estimates for August, while a measure of private employment from ADP came in weaker than forecast. Jobless claims also remain at historically low levels.

“Friday’s payrolls data, and next week’s inflation number, will decide whether the 10-year Treasury yield goes up to 5% or down to 4.5%,” said Kenneth Broux, a strategist at Societe Generale in London. A higher-than-forecast jobs number may trigger “another wave of dollar-buying and bond-selling,” he said.

Traders have record sums riding on the outcome of November’s Fed meeting as investors and policymakers debate the likelihood of a further rate increase this year.

San Francisco Fed president Mary Daly, who doesn’t vote on the Fed’s rate-setting committee this year, said the central bank may keep rates on hold if inflation and the jobs market cool. 

The International Monetary Fund now sees higher odds of the global economy averting recession, according to Managing Director Kristalina Georgieva. Still, the fund warned that growth remains uneven and weaker than it was before the pandemic.

In Asia, the Reserve Bank of India is forecast to keep interest rates unchanged in a monetary policy decision due Friday. Data for release in the region includes household spending in Japan.

In commodities, oil edged higher after a decline on Thursday on concern slowing global growth will hit demand. Goldman Sachs Group Inc. predicts the decline will be fleeting. Gold steadied after a run of declines, while Bitcoin traded around $27,500.