On March 3, 2026, major Asian stock markets largely declined, driven by strong US jobs data fueling concerns that the Federal Reserve might delay interest rate cuts. Hong Kong's Hang Seng Index and Singapore's Straits Times Index both recorded losses.
Asian stock markets were broadly under pressure today, with Hong Kong's Hang Seng Index falling 1.2% and Singapore's Straits Times Index declining 0.7%. This trend was primarily influenced by strong US jobs data released last Friday, which exceeded market expectations and fueled investor concerns that the Federal Reserve might delay interest rate cuts. Recent hawkish comments from Federal Reserve officials further reinforced this expectation. A stronger US dollar and rising US Treasury yields put pressure on emerging market assets. While the Malaysian domestic market has its own drivers, the subdued regional and global market sentiment undoubtedly had a negative impact on the performance of the Kuala Lumpur Composite Index (KLCI). Investors are closely monitoring more US economic data due this week for clues on the Fed's future policy path.
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