A look at the day ahead in European and global markets from Vidya Ranganathan on Reuters states that "Powell curiously mentioned this data point as one among a couple of indicators framing the Fed's thinking around how far and fast interest rates need to rise.
" This statement indicates that the U.S. payrolls data will play a significant role in the Fed's decision on interest rates.
The drop in the S&P 500 bank index was caused by SVB Financial Group's announcement of a share sale, which caused uncertainty around the bank's ability to manage its portfolio.
The crypto bank, Silvergate's decision to wind down operations added to the market's nervousness.
According to The Straits Times, the plunge in Asian stocks was not limited to banking stocks, but also tech stocks.
The report states that "Asia tech shares excluding Japan sank 3.6 per cent, with the Hang Seng Tech Index of Chinese tech firms listed in Hong Kong falling 3.9 per cent."
Overall, while the Reuters report focuses on the anticipation in the markets caused by the U.S. payrolls data, The Straits Times also highlights the significant drop in Asian tech stocks, indicating a broader concern in the markets.