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Oil prices slide on uncertainty over global economic outlook, rate hikes

Oil prices decreased due to growing concerns about global demand and interest rates, overriding the support from tighter supplies due to the OPEC+ supply cuts. Although China has shown record crude imports in March, its bumpy economic recovery post COVID-19 and weaker refining margins have clouded its oil demand outlook. Moreover, weaker US economic data, disappointing corporate earnings from the tech sector, and stabilising US dollar and climbing bond yields have put pressure on commodity markets. However, analysts remain bullish about the second half of 2023, as China’s oil demand recovery is expected to offset the slowdown in OECD demand.
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Asia stocks off to slow start in earnings-rich week

Asian shares began slowly on Monday as the week brings economic data, central bank meetings and tech giants’ earnings. MSCI’s Asia-Pacific shares eased 0.1%, and futures from Nasdaq and S&P 500 edged 0.2% lower in anticipation of earnings announcements this week. BOJ meets at the end of the week, with the first meeting chaired by its new governor, Kazuo Ueda. The yen has steadily weakened against the euro in the past few weeks. The US House of Representatives might vote on a Republican plan to increase the debt ceiling by cutting expenditure in the coming week with weak tax receipts putting government at a risk of default.
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Focus on banks, pharma, and mid-cap stocks for potential gains: Kunal Bothra

‘For traders looking for fresh trades, a decent support level for Nifty could be around 17500. We have been maintaining this stance throughout the week. If the index dips back to those levels, it could be a good point to consider fresh buying. As for Bank Nifty, a support level could be around 41800-41850 for traders looking to build up long positions.’