By Daniel Bases

NEW YORK, April 6 (Reuters) - A fragile optimism in emerging markets will likely give asset prices some support in the coming week, but analysts say the good tidings may be short-lived.

The lineup of U.S. economic data is limited, leaving external influences at a minimum during the week.

"A light benign week. Judging from how we have reacted to payrolls and the other negative developments I think we are in for range trading with a positive bias," said Paul Biszko, senior emerging markets strategist at RBC Capital Markets in Toronto.

Last week the U.S. Labor Department reported a drop of 80,000 nonfarm jobs in March and an unemployment rate of 5.1 percent, the highest since September 2005.

Investors shrugged off the data, the latest in a string of bad news for the U.S. economy, taking the view that perhaps the worst might be over in terms of the credit crisis.

However, the latest jobs numbers suggest the United States has entered a recession that will require further interest rate cuts from the Federal Reserve, according to a Reuters poll of major Wall Street firms. (For story click on [ID:nN04301404])

Emerging market stocks have recovered more ground. The Morgan Stanley Capital International emerging markets stock index rose 2.91 percent last week .MSCIEF.

Sovereign credit spreads on the benchmark JP Morgan Emerging Markets Bond Index Plus 11EMJ.JPMEMBIPLUS narrowed by 9.49 basis points in the latest week, illustrating investors are still relatively positive on government credit.