Asian stocks looked set to end the week with declines following losses for U.S. technology shares and gains in Treasuries and the yen, amid ongoing concerns about global trade and emerging markets.

Futures signaled losses in Japan, China, Hong Kong and Australia. The Nasdaq fell for a third day led by semiconductor shares, amid concern about the durability of chip demand, and the VIX index headed for its biggest weekly increase in two months. Selling in emerging-market stocks continued, though losses abated for currencies. The yen strengthened after the Wall Street Journal reported President Donald Trump may turn his sights on trade with Japan.

The weakness in tech shares comes ahead of the key U.S. payroll report on Friday that will offer clues on the labor market’s health and the state of wage inflation. For now, emerging economies hold the key to sentiment, with recent losses fueling fears that turmoil could spill into developed markets. President Trump could announce tariffs on $200 billion in Chinese imports as early as Friday after a public comment period on the administration’s plan ended.

Elsewhere, the ruble fell after Russia’s Prime Minister Dmitry Medvedev called on the nation’s central bank to become more active. Gold advanced, while Bitcoin dropped amid concern the adoption of cryptocurrencies by institutions may still be some way off.

Terminal users can read more in our Bloomberg Markets Live blog here.

These are the main moves in markets:

Stocks

Futures on Japan’s Nikkei 225 slid 0.5 percent in Singapore. Futures on Hong Kong’s Hang Seng index lost 0.6 percent. FTSE China A50 index futures declined 0.1 percent. Futures on Australia’s S&P/ASX 200 index lost 0.4 percent. The S&P 500 fell 0.4 percent and the Nasdaq 100 Index dropped 0.9 percent. The VIX is up 14 percent this week. The MSCI Emerging Market Index decreased 0.3 percent, bringing this week’s losses to 3.6 percent.

Currencies

The yen was at 110.72 per dollar after rising 0.7 percent in the previous session. The offshore yuan was steady at 6.8454 per dollar. The Bloomberg Dollar Spot Index dropped 0.2 percent. The euro bought $1.1622. The MSCI Emerging Markets Currency Index ended Thursday flat.

Bonds

The yield on 10-year Treasuries fell three basis points to 2.87 percent.

Commodities

The Bloomberg Commodity Index fell 0.3 percent. West Texas Intermediate crude dropped 1.2 percent to $67.89 a barrel. Gold was flat at $1,200.06 an ounce.