At 03:33 a.m. ET, Dow futures were down 11 points, implying a muted open. Futures on S&P 500 and Nasdaq traded in opposite directions.

Market focus is largely attuned to nonfarm payrolls and unemployment data, expected at 08:30 a.m. ET on Friday. Nonfarm payrolls are predicted to have risen by 160,000 in June, compared to 75,000 in May, according to a Reuters poll.

A weaker-than-expected figure could increase bets that the Federal Reserve will cut interest rates at its meeting on July 30 and 31. The central bank opened the door to easier monetary policy last month by stating it will “act as appropriate” to maintain the current economic expansion.

· Meanwhile, geopolitical tensions in the Middle East continue to dominate after the British Royal Marines seized a large Iranian oil tanker Thursday for trying to take oil to Syria in violation of EU sanctions, evoking fury in Tehran.

The pan-European Stoxx 600 slipped 0.2% in the early minutes of trade, with basic resources shedding 1.2% while telecoms led the resistance with a 0.6% rise.

Market focus is largely attuned to U.S. nonfarm payrolls and unemployment data, expected on Friday. Nonfarm payrolls are predicted to have risen by 160,000 in June, compared to 75,000 in May, according to a Reuters poll.

Markets in Asia were muted on Friday afternoon, with Japanese and Hong Kong indexes slightly higher while mainland Chinese stocks were mixed.

Trade across global markets was expected to remain subdued following the Independence Day holiday in the United States on Thursday and ahead of the non-farm payrolls report.

MSCI’s broadest index of Asia-Pacific shares outside Japan was set for its fifth straight weekly rise, which took it to 534.40, the highest since early May. It was last a tick lower at 532.65.

World stocks and bonds have rallied since June on hopes global central banks will keep policy easy to support growth. A ceasefire in the protracted Sino-U.S. trade war has also bolstered sentiment.

All eyes were now on U.S. non-farm payrolls, due later in the day, which are expected to have jumped by 160,000 in June compared with 75,000 in May.

· Japan’s Nikkei edged higher in choppy trade on Friday as investors kept to the sidelines before the release of a key U.S. jobs report, while oil and mining shares underperformed after oil prices fell on global growth concerns.

The Nikkei share average ended 0.2% higher to 21,746.38, after trading in and out of the red. For the week, the index rose 2.2% for its fifth consecutive weekly gains after a Sino-U.S. trade truce sparked hopes the two warring sides could make progress in long-drawn out negotiations.

With U.S. markets closed for a national holiday on Thursday, trading remained thin.

Investors are waiting on the U.S. jobs report due out later in the day, which could determine if the Federal Reserve cuts rates later this month or delays such a move to its next meeting.

· China shares ended a tick higher on Friday and posted weekly gains as Beijing and Washington prepared for a fresh round of talks due next week, but the rise was capped as it remained unclear whether the two nations can strike a durable trade deal.

The Shanghai Composite index closed 0.2% firmer at 3,011.06 points, up 1.1% week-on-week. The blue-chip CSI300 index was up 0.5% on the day, and closed 1.8% higher on the week.

Reference: CNBC,Reuters