The S&P 500 started Thursday on a positive note, but a series of events turned the tide. First, oil prices surged past the $90 per barrel mark, sparking concerns about inflation but mostly geopolitical risks. Then, Minneapolis Fed President Neel Kashkari's suggestion of a potential no rate cut scenario added further fuel to the sell off. As a result , the S&P 500 suffered its largest decline in nearly two months .
Pick your poison, as any one of those issues could could sour the mood across Asia on Friday, but Kashkari's suggestion of no rate cuts in 2024 is certainly shaking the sentiment tree. China's exchange rate remains a focal point of attention. The offshore dollar/yuan pair has been trading above the upper limit of the central bank's daily band for 10 consecutive days, while the onshore dollar/yuan pair is steadily approaching this threshold as wel