GLOBAL MARKETS-Shares jittery in Asia as metals gyrate, earnings loom

• S&P futures dip ahead of earnings deluge, payrolls test
• Nikkei rare gainer as polls point to LDP majority win
• Gold, silver trading choppy after Friday's rout
• Dollar steadies for the moment, yen slips

By Wayne Cole

SYDNEY, Feb 2 (Reuters) - Asian share markets mostly followed Wall Street futures lower on Monday as chaotic trading in silver made for a nervous start to a week that is packed with corporate earnings, central bank meetings and major economic data.

Silver XAG= lost another 5% at one stage, as Friday's 30% plunge squeezed leveraged positions in what had become a very crowded trade. Dealers also pointed to a halt in trading of the UBS SDIC silver futures fund in China as one cause of the rout.

Oil prices also fell by almost 3% as President Donald Trump said over the weekend Iran was "seriously talking" with Washington, perhaps lessening the risk of a U.S. military strike on the country.

The jitters saw MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ease 0.7%, with South Korea .KS11 down 1.0%.

Japan's Nikkei .N225 was a rare gainer, adding 0.7% as opinion polls suggested Prime Minister Sanae Takaichi's Liberal Democratic Party was likely to score a landslide victory in next week's lower house election.

Such a victory would likely make it easier to push through aggressive stimulus policies, while also easing political uncertainty in general. More debt-funded spending could pressure bonds and the yen, with Takaichi talking up the benefits of a weaker currency for exports.

It was also a busy week for earnings in Europe, with around 30% of Euro STOXX market capitalisation due to report. EUROSTOXX 50 futures STXEc1 and DAX futures FDXc1 both eased 0.1%, while FTSE futures FFIc1 held steady.

S&P 500 futures ESc1 dipped 0.2% and Nasdaq futures NQc1 fell 0.4%, with about one quarter of the S&P 500 set to report this week. Growth in S&P 500 earnings per share is running at 11% on the previous year, when consensus had been for 7%.

The focus will be on tech majors Alphabet GOOG.O, Amazon AMZN.O and AMD AMD.O, particularly costs and benefits of AI in the wake of Microsoft's MSFT.O badly received results.

Analysts at Goldman Sachs noted consensus estimates for AI hyperscaler capex this year had climbed to $561 billion, up 38% on 2025 and compared to $540 billion expected at the start of earnings season.

DOLLAR STEADIES FOR NOW

In currencies, the dollar looked a little steadier at $1.1847 per euro EUR=EBS after Friday's 1% bounce. It was aided by broad weakness in the yen, which saw it edge up 0.3% to 155.17 yen JPY=EBS.

The rally had been initially triggered by Trump's choice of former Federal Reserve governor Kevin Warsh to become the next chair of the central bank.

Analysts assumed Warsh was less likely to press for all-out rapid rate cuts than some other possible choices, though he has sounded more dovish than current chair Jerome Powell.

"Trump is most unlikely to have nominated Warsh if he was not genuinely supportive of lower interest rates, and for which there is plenty of evidence Warsh believes that the economy can achieve higher rates of non-inflationary growth," said Ray Attrill, head of FX strategy at NAB.

Which was why market pricing remained at two rate cuts for this year, with a move seen unlikely until June when, presumably, Warsh will be chair. Futures imply a 68% chance of a steady outcome at the April meeting and, oddly, 68% for an easing in June. 0#USDIRPR

That outlook may change should the January payrolls report on Friday surprise significantly in either direction, assuming the government is open and it is actually released.

Also on the menu this week are policy meetings by the Reserve Bank of Australia, European Central Bank and Bank of England.

The RBA is an outlier in that markets imply around a 75% chance it will raise interest rates by a quarter point to 3.85%, so reversing one of three cuts delivered last year, in an attempt to quell resurgent inflation.

In commodity markets, volatility was the main theme as gold fell 1.4% to $4,807 an ounce XAU=, having shed almost 10% on Friday. After an early dive, silver steadied at $84.62 XAG= but trade was extremely choppy. GOL/

Oil prices fell as investors waited anxiously to see whether the U.S. would strike Iran, or some sort of deal could be struck. O/R

Brent LCOc1 slid 2.7% to $67.46 a barrel, while U.S. crude CLc1 dropped 2.8% to $63.38 per barrel.