CNBC Daily Open: Risk aversion in vogue

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Weak quarterly kickoff
Japan markets led losses in Asia on Friday, tracking a Wall Street sell-off ahead of a crucial jobs report, as yet another U.S. Federal Reserve official cooled expectations this week for imminent rate cuts. The Nikkei 225 was down more than 2%, while Korea's Kospi shed 1%. Hong Kong's Hang Seng Index edged up 0.1%., while mainland China markets remain shut for a public holiday. Oil prices climbed, with West Texas Intermediate crude for May delivery breaking above $86 per barrel and Brent for June delivery hitting $90.65 per barrel, their respective highest levels since Oct. 20. The Dow Jones Industrial Average closed down Thursday 1.35% at 38,596.98 in its biggest loss since March 2023 and fourth-straight daily loss.

Jobs report preview
Economists expect the U.S. March nonfarm payrolls, due Friday morning, to come in at 200,000, according to the Dow Jones consensus forecast. That would be weaker than February's initial 275,000, but still indicative of a solid hiring pace. Investors will likely focus on any other information pointing to weakening foundations in the labor market, scouring for clues on whether the U.S. Federal Reserve will hold off cutting rates.

Yellen in China
U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China, discussing overcapacity concerns and encouraging Chinese officials to pursue market-oriented reforms. "Overcapacity isn't a new problem, but it has intensified, and we're seeing emerging risks in new