Singapore's benchmark gauge tracked losses in Asian markets, with property developer Capitaland and rig builder Sembcorp Marine both declining nearly 3 percent, giving up some of the stellar gains seen so far this year.

By midday, the Straits Times Index was down 1.1 percent at 2,945.9 after notching up a 6 percent rally over the past eight sessions. It has risen more than 11 percent so far this year, with property developers and banks figuring among the big gainers.

Asian shares and the euro fell on Monday as sluggish U.S. jobs data and cooling inflation in China deepened worries about slowing global economic growth.

For the Singapore market, strategists have been recommending defensive plays such as high-yielding stocks and real estate investment trusts in a wobbly global economic environment.

In Asia Pacific, Singapore's broader market is stacking up well on earnings momentum. The city-state's one-month earnings momentum - analysts' aggregate earnings upgrades minus downgrades as a total of estimates - stands at 0.1, the top position in the region along with Philippines and compared with -0.2 for Asia Pacific, Thomson Reuters StarMine data shows.

1320 (0520 GMT)

(Reporting by Anshuman Daga in Singapore)