* Chinese exports miss forecasts, but imports up strongly
* Asia share markets mostly lower, but losses modest
* U.S. jobs could alter market thinking on Fed stimulus
* European stocks seen opening higher
By Wayne Cole
SYDNEY, Jan 10 Asian share markets stayed soggy
on Friday after Chinese trade data proved to be a mixed bag,
leaving investors with little incentive to take positions ahead
of the U.S. jobs report.
European stocks were expected to fare slightly better
following Thursday's fall. Financial spreadbetters see gains of
0.3 percent to 0.5 percent for Germany's DAX, France's
CAC and Britain's FTSE.
While China's exports grew a little less than expected at
4.3 percent in December, from a year earlier, imports easily
outpaced forecasts with an increase of 8.3 percent.
The jump in imports could point to stronger domestic demand
and a rebalancing away from a reliance on exports to fuel
growth, a sea change long desired by policymakers everywhere.
"This indicates that domestic demand is not as soft as had
been feared, and the Chinese economy - while decelerating - is
unlikely to see a sharp slowdown," said Dariusz Kowalczyk, an
economist at Credit Agricole CIB in Hong Kong.
"The data is positive for China and Asia sentiment as it
alleviates concerns that China is slowing too sharply."
Japan's Nikkei pared losses to be down a mere 0.1
percent, while the Hong Kong market added 0.4 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan
also inched up 0.1 percent.
The Chinese numbers were just an appetiser compared to the
U.S. jobs report.
Payrolls are forecast to have risen by a solid 196,000 in
December, according to a Reuters survey of economists, just
below November's count of 203,000. As ever for this volatile
series, estimates ranged widely from 120,000 to 235,000.
The jobless rate is expected to stay at 7.0 percent though
there was some risk of a higher number should the participation
rate rise from its unusually low levels.
Investors are not sure whether to be pleased the world's
largest economy is recovering, or worried it might bring forward
the day when the Federal Reserve starts hiking rates.
The worry seemed to be winning out this week with futures
markets shifting sharply to price-in a much earlier start to Fed
tightening. Fed fund futures are now fully priced for a
hike to 0.5 percent by July 2015. Not long ago the market had
been wagering on early 2016.
The hesitancy was evident on Wall Street, where the Dow
fell 0.11 percent, while the S&P 500 ended flat
and the Nasdaq dropped 0.23 percent.
ECB PARTS WAYS WITH FED
In contrast to the Fed, the European Central Bank keeps
holding out the prospect of yet more stimulus in the euro zone.
On Thursday, ECB President Mario Draghi underlined his
determination to act should deflation become a real risk or
rising money rates threaten a fragile recovery.
"The ECB's monthly press conference was very dovish in light
of the current weakness in euro area inflation," said Dylan
Eades an economist at Australia and New Zealand Bank.
"ECB President Draghi left the market in no doubt that the
ECB will act again if necessary."
The euro duly fell over half a U.S. cent on those words,
only to meet broad demand around $1.3548 which saw it
recoup all the losses. On Friday, it was steady at $1.3611 with
dealers now wary of trying to short the currency.
Tight ranges held across most other major currencies, with
the dollar stuck at 104.92 yen and the euro at 142.82 yen
. Against a basket of currencies the dollar was a
whisker easier at 80.923.
Gold drifted up to $1,235.66 an ounce, while copper
firmed 0.6 percent to $7,253.00 a tonne.
U.S. crude futures bounced 91 cents to $92.57 a
barrel after hitting an eight-month trough at $91.24 overnight.
Brent crude edged up 45 cents to $106.85 per barrel.