Asian shares fluctuated and U.S. futures were a touch weaker Monday with investors weighing the recovery in global growth and corporate earnings against the latest appalling tallies of Covid-19 infections.
Benchmarks swung from red to green in Japan, Hong Kong and China. U.S. futures pared early losses, following a fourth straight weekly gain for the S&P 500 Index.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 1.31% to 14,450, as of 8 a.m. (Click here for more global markets update)
Indian stocks logged their second straight week of declines on Friday as the South Asian country continues to witness a sharp surge in coronavirus cases, posing a risk to its economic recovery.
The fourth-quarter earnings season was off to a shaky start. HDFC Bank, India’s largest private lender, missed analyst estimates as it set aside more money to build buffers against bad debt.
Key earnings to watch today: ACC, Bajaj Consumer, Crisil, ICICI Prudential
Meanwhile, Macrotech Developers will make its trade debut after the IPO got subscribed 1.36 times. The Mumbai-based realty company’s Rs 2,500- crore issue had a price band of Rs 483-486 per share.