As Chinese President Xi secured another term, Asian stocks saw a sea of red. And that's in part due to fears of further US federal reserve hikes. New US jobs data is set for Friday, which could change the federal reserve's course on interest rates.

The Fed's tighter monetary policy has hit venture capital hard. And that's spelled a steep dive in share prices for Silicon Valley Financial Group, which handles money for half of listed tech and healthcare start-ups in the US. It's selling 1.75 billion dollars in stock to shore up its cash reserves. SVB is reassuring customers they won't lose their money, but some major start-up funders have pulled money out. SVB says higher spending by its start-up clients led to a fall in deposits. Bank stocks took an 80 billion dollar beating Thursday, including a 22 billion hit to JP Morgan's market value.