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March 3 – Representatives from the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (MAMacao) met today (March 3) to exchange views on further strengthening multi-dimensional financial cooperation between the two places. During the meeting, they jointly signed a revised Memorandum of Understanding (MOU). The HKMA and MAMacao have maintained close cooperation in banking supervision for many years. This revision of the MOU mainly expands upon the existing cooperation by adding chapters on financial infrastructure cooperation, information exchange and interaction in monetary and data statistics, and industry cooperation training and exchanges between the two places, thereby further enriching the scope of the MOU.

March 3rd Futures News: The following are the warehouse receipts and changes for various commodities traded on the Shanghai Futures Exchange: 1. Stainless steel warehouse futures receipts: 51,531 tons, a decrease of 594 tons from the previous trading day; 2. International copper futures warehouse receipts: 13,305 tons, a decrease of 710 tons from the previous trading day; 3. Petroleum asphalt plant warehouse futures receipts: 54,110 tons, unchanged from the previous trading day; 4. Petroleum asphalt warehouse futures receipts: 24,640 tons, unchanged from the previous trading day; 5. Medium-sulfur crude oil futures warehouse receipts: 2,557,000 barrels, unchanged from the previous trading day; 6. Natural rubber futures warehouse receipts: 115,070 tons, unchanged from the previous trading day; 7. Butadiene rubber futures warehouse receipts: 41,140 tons, an increase of 270 tons from the previous trading day; 8. TSR20 rubber futures warehouse receipts: 50,601 tons, unchanged from the previous trading day; 9. Tin futures warehouse receipts were 11,316 tons, a decrease of 215 tons from the previous trading day; 10. Lead futures warehouse receipts were 54,888 tons, a decrease of 41 tons from the previous trading day; 11. Fuel oil futures warehouse receipts were 0 tons, unchanged from the previous trading day; 12. Alumina futures warehouse receipts were 326,638 tons, unchanged from the previous trading day; 13. Hot-rolled coil futures warehouse receipts were 432,798 tons, an increase of 4,410 tons from the previous trading day; 14. Rebar warehouse futures warehouse receipts were 9,328 tons, unchanged from the previous trading day; 15. Low-sulfur fuel oil warehouse futures warehouse receipts were 62,730 tons, unchanged from the previous trading day; 16. Copper futures warehouse receipts were 300,505 tons, an increase of 4,624 tons from the previous trading day; 17. Pulp warehouse futures warehouse receipts were 138,011 tons, unchanged from the previous trading day; 18. 19. Pulp mill futures warehouse receipts: 15,000 tons, unchanged from the previous trading day; 20. Silver futures warehouse receipts: 307,484 kg, a decrease of 1,952 kg from the previous trading day; 21. Nickel futures warehouse receipts: 53,649 tons, a decrease of 72 tons from the previous trading day; 22. Zinc futures warehouse receipts: 73,097 tons, an increase of 2,359 tons from the previous trading day; 23. Aluminum futures warehouse receipts: 316,153 tons, an increase of 21,365 tons from the previous trading day; 24. Gold futures warehouse receipts: 105,060 kg, unchanged from the previous trading day.

Futures News, March 3rd: The rapidly deteriorating geopolitical situation in the Middle East provides both room and impetus for continued short-term increases in international crude oil prices, with the price change rate expected to remain positive. Retail price limits for refined oil products are poised for their first "four-consecutive-increase" this year, providing policy support for domestic gasoline and diesel prices. Following the Spring Festival holiday, gasoline demand is expected to weaken marginally, but diesel terminal operating rates will gradually recover, potentially improving speculative demand on the trading side. Overall, both domestic gasoline and diesel prices are expected to rise, but the increase in gasoline prices will be less than that of diesel prices, narrowing the wholesale price difference between gasoline and diesel.

According to Iran's Tasnim News Agency, newly released images confirm that a U.S. MQ-9 Reaper drone was destroyed in the Marakasha Heights of Abyan province in southern Yemen.

Data shows that Tesla's (TSLA.O) new car registrations in Sweden fell 9.8% year-on-year in February.

On Tuesday, March 3, the Hang Seng Index closed down 291.77 points, or 1.12%, at 25,768.08; the Hang Seng Tech Index closed down 112.84 points, or 2.26%, at 4,876.53; the H-share Index closed down 93.2 points, or 1.07%, at 8,608.71; and the Red Chip Index closed down 53.1 points, or 1.2%, at 4,385.41.

UK government bond yields across all maturities rose by 5 to 9 basis points during the day.

On Tuesday, March 3, the German DAX 30 index opened down 455.68 points, or 1.85%, at 24,216.72; the UK FTSE 100 index opened down 99.54 points, or 0.92%, at 10,680.57; and the French CAC 40 index opened down 119.61 points, or 1.42%, at 8,274.71. The Stoxx 50 index opened down 105.42 points, or 1.76%, at 5886.75 on Tuesday, March 3; the Spanish IBEX 35 index opened down 300.97 points, or 1.68%, at 17577.93 on Tuesday, March 3; and the Italian FTSE MIB index opened down 751.90 points, or 1.62%, at 45528.50 on Tuesday, March 3.

Spain's unemployment rate rose 0.15% month-on-month in February, compared with 1.26% in the previous month.

ECB Governing Council member Villeroy: It would be a mistake to rush to predict interest rate changes.

ECB Governing Council member Villeroy: The French economy has limited exposure to tensions in the Middle East.

European Central Bank Chief Economist Lane: European companies can play a significant role in developing industry-specific AI applications, enabling medium-sized enterprises to benefit from artificial intelligence.

March 3 - On March 3, Ma Jiantang, a member of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and vice chairman of the Economic Committee, stated at the CPPCC's economic sector residence that this year's focus will be on three issues: first, how to optimize income distribution through redistribution; second, how to increase employment and income for people with disabilities; and third, how to further accelerate the high-quality development of old revolutionary base areas.

March 3 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on March 3. Mao Ning stated that Foreign Minister Wang Yi recently spoke with the foreign ministers of Russia, Iran, France, and Oman, clarifying China's position and actively advocating for peace and preventing conflict. Foreign Minister Wang Yi emphasized that China supports Iran in safeguarding its sovereignty, security, territorial integrity, and national dignity, and in protecting its legitimate rights and interests. China attaches importance to the legitimate demands of the Gulf states and supports them in maintaining their sovereignty and national security. Major powers cannot arbitrarily attack other countries based on military superiority; the world cannot revert to the law of the jungle; the international community should resist any behavior that violates international law and jointly defend the basic norms of international relations. China will continue to play a constructive role, including upholding justice on the UN Security Council platform, striving for peace, and preventing war.

ECB Chief Economist Lane: Labor force participation is higher than expected, and immigration from outside the EU has also increased. This increase in labor supply helps explain why the European economy has continued to grow despite numerous headwinds.