Asian markets swing as traders prepare for US jobs data [Video]

Asian markets drifted Friday as traders positioned themselves ahead of a highly anticipated US jobs report later in the day and following a mixed bag of economic data on the world’s top economy.

As a rollercoaster week drew to a close, debate centred on the Federal Reserve’s plans for interest rates when it meets in less than a fortnight, with most observers expecting a 25-basis-point cut.

However, analysts say it could go twice as big if the non-farm payrolls report for August comes in well below forecasts as a series of recent figures suggest the economy is slowing more sharply than initially thought.

A big miss in July’s reading fanned fears of a recession and was a key driver of the rout across markets at the start of last month.

Investors were given a slight jolt by data Thursday showing a miss on private-sector hiring, which was slightly offset by …