MUMBAI: Indian stock markets are likely to stay under pressure on Friday while trends in SGX Nifty indicate a soft opening of domestic benchmark indices.
InterGlobe Aviation Ltd, the operator of India’s top domestic airline IndiGo, plunged to a seventh consecutive quarterly loss as sharply higher fuel costs and fixed expenses outweighed robust growth in revenues.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3% in early trading and was on track for a weekly loss of 1.3%, snapping three weeks of gains.
Asian shares were weighed by a fall in Nasdaq futures , which lost 0.73% as Apple Inc and Amazon Inc posted results after the close that missed expectations.
However, China Evergrande Group’s shares opened up 1.2% following news that the cash-strapped developer had made payments for an offshore bond coupon ahead of Friday’s expiry of a grace period, meeting its second dollar-bond repayment obligation this month.
A month ago they were trading at 0.30%.Eurozone bond yields jumped on Thursday after European Central Bank President Christine Lagarde disappointed investors’ hopes she would calm their concerns over surging inflation and rate hikes.
The gap between 5-year and 30-year yields was 79.2 basis points, having narrowed to as little as 73.4 basis points overnight, its tightest since March 2020, due to heightened expectation of a rate hike by the Federal Reserve next year.