Nikkei gained 0.8%, Hang Seng and mainland Chinese blue chips each added nearly 0.4%, Australia stocks rose 0.3%, while Taiwan’s stock benchmark climbed 0.8%

 Asian stocks rose and Treasury yields dropped to four-month lows on Friday as traders cemented bets for the U.S. central bank to cut rates this month, even with crucial jobs data looming later in the day.

The U.S. dollar dropped marginally, giving up small gains from Thursday, when it was buoyed by soft labour market figures.

Gold held steady after Thursday’s decline from an all-time high.

Crude oil slid for a third consecutive day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.

Markets are all but certain of a quarter-point cut at the conclusion of the U.S. central bank’s two-day rate-setting meeting on September 17, and price a cumulative 60 bps of cuts this year.

On Thursday, data showed that the number of Americans filing new applications for unemployment benefits rose more than expected last week, while hiring by private employers slowed in August, further evidence that labor market conditions were softening.

Economists expect Friday’s non-farm payrolls report to show the economy added 75,000 jobs in August, not much above the 73,000 figure for July, that first triggered expectations for a near-term Fed rate cut.

Central bank Chair Jerome Powell later reinforced that speculation with an unexpectedly dovish speech at last month’s symposium.

Unless it’s an absolutely stellar payrolls print, it’s hard to see too much that’s going to change the market away from locking in a September cut, said Ken Crompton, head of rates strategy at National Australia Bank.

Beyond that, the terminal rate and how you get there, that’s arguably still up for grabs, he added.

Expectations of an easier monetary environment have supported global equities, and the S&P 500 added 0.8% on Thursday to close at a record high. The Nasdaq climbed 1% to just short of its own all-time closing high from August 13.

S&P 500 futures pointed 0.1% higher on Friday, and Nasdaq futures added 0.3%.

Nikkei gained 0.8% and Taiwan’s stock benchmark climbed 0.8%. Both those markets are near recent record highs.

Hang Seng and mainland Chinese blue chips each added nearly 0.4%.

Australia stocks rose 0.3%.