GLOBAL MARKETS-Asian shares dip, yen gains ahead of US jobs data

                                
 * Asia shares dip on profit taking after U.S. bank tests
                                
 * Bank stress tests produce no major surprises
                                
 * Focus shifts to U.S. jobs data later in the day
                                
 By Rafael Nam
                                
 HONG KONG, May 8 (Reuters) - Asian shares dipped and the
safe-yen haven yen edged up on Friday in a muted reaction to
U.S. bank stress results that provided no real surprises, with
investors turning cautious ahead of U.S. employment data later
in the day.
                                
 Also weighing on sentiment was a weak auction of 30-year
U.S. Treasury bonds on Thursday, which raised worries about how
much the world's top economy will have to pay to finance its
massive stimulus plans.
                                
 The U.S. 30-year bond <US30YT=RR> remained under pressure
during Asia trading, with yields rising to 4.30 percent, up 1
basis point from late U.S. trading. On the other hand, the
benchmark 10-year note <US10YT=RR> gained ground, with yields
down about 2 basis points to 3.32 pecent.
                                
 "The announcement of stress test results came with the best
timing after market sentiment had already been improved by a
slew of upbeat economic data along with a recovery of stock
markets," said Yoshihisa Kanzaki, a trader at Shinkin Central
Bank.
                                
 U.S. regulators told top banks on Thursday to raise $74.6
billion to build a capital cushion officials hope will restore
faith in financial firms and set a course out of the deepest
recession in decades. [ID:nN07333426]
                                
U.S. stocks fell earlier in the day, before news of the
tests was released, as investors took profits on the recent
global share surge. But removal of uncertainty over the test
results helped send U.S. stock futures higher in after-hours
trade, with the S&P 500 futures index <.SPc1> up 0.7 percent.
                                
 The gains failed to translate in Asia, however, where the
MSCI index of Asian stocks outside Japan <.MIAPJ0000PUS> fell
0.5 percent. The index had chalked up an 8.6 percent gain over
the previous four sessions.
                                
 Among major indexes, only Japan's Nikkei average <.N225>
and South Korea's KOSPI <.KS11> advanced but only modestly.
Other countries posted moderate losses.
                                
 Despite some signs that global economic downturn may be
bottoming out, a major test will come later on Friday with the
release of U.S. employment data for April.
                                
 Economists forecast a median 590,000 U.S. jobs were lost,
which is down from March, but they also expect the unemployment
rate to have gained to 8.9 percent from 8.5 percent in the
previous month.
                                
 The safe-haven yen faltered, with the dollar edging up 0.2
percent to 99.38 yen <JPY=>, near a three-week high of 99.80
yen hit the previous day on EBS.
                                
 The euro edged down 0.2 percent to $1.3367 <EUR=> as
traders reduced long positions made the previous day after the
European Central Bank's announcement it would buy about 60
billion euros worth of covered bank bonds was seen as
underwhelming in light of much bigger similar measures taken in
other countries.
  (Editing by Kim Coghill)