GLOBAL MARKETS-Asian stocks set to fall as Wall Street's tech rally stumbles

* Australian retail sales data in view
* U.S., European stocks fall on tech sell-off
* Dollar adds to gains, euro retreats to $1.18
* U.S. initial jobless claims rise less than expected

By Alwyn Scott
NEW YORK, Sept 3 (Reuters) - Asian stocks were set to open
in the red on Friday, after Wall Street's benchmarks posted
their biggest one-day declines in nearly three months as new
fears about the economy sent investors into bonds and safe-haven
currencies.
However, analysts do not expect selling in Asia to match the
Wall Street moves, which were driven by a sharp correction in
technology stocks, as investors await key U.S. data due later on
Friday.
"Asia has to open lower," said Rodrigo Catril, senior
foreign exchange strategist at National Australian Bank,
although he noted investors "will wait for another indication
from the U.S. on whether the tech correction has legs."
He said the U.S. jobs report due later has taken on more
significance after a weak reading on U.S. private payrolls on
Wednesday. Australian S&P/ASX 200 futures YAPcm1 lost 1.95% in early
trading, while Japan's Nikkei 225 futures NKc1 fell 0.32%.
Hong Kong's Hang Seng index futures .HSI HSIc1 lost
1.30% and futures for the S&P 500 EScv1 fell 0.64%.
Bonds and currency traders also are likely to stay on the
sidelines until the picture becomes clearer, said Imre Speizer,
head of New Zealand strategy at Westpac.
U.S. Treasury yields fell while the Japanese yen and Swiss
franc gained against the dollar overnight on safe-haven buying
as stocks fell.
Investors also await Australian July retail sales data July,
which are expected to show an increase from June although such
data is unlikely to have much impact unless it broadly
overshoots expectations, Speizer said.
The dollar index =USD rose 0.042%, with the euro EUR= up
0.03% to $1.1857.
The Australian dollar fell 0.10% versus the greenback at
$0.727.
Benchmark 10-year U.S. Treasury notes US10YT=RR last rose
5/32 in price to yield 0.6347%, from 0.651% late on Wednesday.
The U.S. stock market moves marked the biggest single-day
percentage declines for the Nasdaq and S&P 500 since June 11 and
since June 26 for the Dow. But the S&P 500 and Nasdaq are still
close to record highs.
Stock investors' perceptions about the economy have shifted.
After days of seeing green shoots in global economic data,
investors on Thursday seized on a U.S. weekly payrolls report
and downbeat comments from Chicago Federal Reserve President
Charles Evans, who called for more stimulus to help the economy
recover its pre-pandemic strength. While weekly initial jobless claims fell more than
anticipated, they remained extremely high. The Dow Jones Industrial Average .DJI fell 2.78%, the S&P
500 .SPX lost 3.51% and the Nasdaq Composite .IXIC dropped
4.96%.
European shares closed 1.4% lower after rising more than
1.2% as weakness in tech names .SX8P spread, with the group
falling 3.76% in its biggest one-day decline since April 21.
The pan-European STOXX 600 index .STOXX lost 1.40% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
2.51% and was on track for its biggest one-day percentage drop
since June 11 after Wednesday's record closing high.

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Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
Slump: how every S&P 500 stock fared on Thursday Slump: how
every S&P 500 stock fared on Thursday https://tmsnrt.rs/34LqC0H
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
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