Investors will be keeping an eye on the Japanese yen, which rose to a more than two-month high of 150.52 per U.S. dollar on Thursday.
Asia-Pacific markets were set to open mixed Friday, after Wall Street that fell overnight after a weak projection from the largest retailer in the world, Walmart, fueled concerns about the economy.Japan's Nikkei 225 futures pointed to a lower open for the market.
The futures contract in Chicago was at 38,560 and its counterpart in Osaka last traded at 38,550 compared to the index's previous close of 38,678.04.Investors will be keeping an eye on the Japanese yen, which rose to a more than two-month high of 150.52 per U.S. dollar on Thursday amid bets of moreOvernight in the U.S., the three major averages closed lower after the S&P 500 hit record highs for two consecutive days. Investors sold off shares of some popular companies following a weak forecast from retail giant Walmart, which raised concerns about the economic outlook.Stocks fell on Thursday as a weak outlook from Walmart pressured the broader market and worried investors about the health of earnings moving forward. The Dow Jones Industrial Average slipped more than 450 points, or 1%, to close at 44,176.65. The Nasdaq Composite lost nearly 0.5% to end at 19,962.36, while the S&P 500 pulled back 0.4% to finish the session at 6,117.52.Strategist Jonathan Garner upgraded the MSCI China Index to equal weight from underweight in a research note on Wednesday. Return on equity trends are improving in favor of China, per Garner. The upgrade"has less to do with the top down macro environment where our economists remain below consensus on nominal GDP growth in 2025," the strategist wrote. "Instead it is mainly a micro bottom-up self help story at the stock level in the context of a significant shift in index weights as weaker / more deflation impacted sectors are much diminished in sector representation," Garner added. He noted that artificial intelligence enthusiasm is also boosting sentiment around e-commerce and internet stocks.
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