Monday Morning Briefing: Asian Shares Gain; Oil Above $50 

Asian shares nudged higher after a report showed confidence among Japan's large manufacturers improved for a second consecutive quarter.

Sentiment among large manufacturers rose to 12 from 10 three months ago, according to the Tankan survey released by the Bank of Japan. Markets in China and Taiwan are closed for holidays.

Crude held gains above $50 a barrel. SGX Nifty futures indicate a flat start for Indian equities after the underlying NSE Nifty 50 Index ended the fourth quarter on a flat note on Friday.

Busy Week

Investors seeking new triggers for market moves are now looking towards a meeting between Chinese President Xi Jinping and his U.S. counterpart Donald Trump starting on Thursday, with the U.S.-China trade deficit at the top of the agenda. The U.S. non-farm payrolls will follow on Friday.

Investors in India will also watch out for the Reserve Bank of India's policy decision on April 6. The central bank is expected to leave interest rates unchanged.

Political developments in Europe ahead of elections in France and Germany, and Britain's divorce from the European Union are also likely to weigh on the sentiment.

The S&P 500 Index dropped 0.2 percent on Friday, dragged lower by financial stocks. The index gained 5.5 percent in the three months ended March 31, its strongest quarterly performance since the last quarter of 2015.

Also Read: Whimpering Finish Caps Best Quarter for U.S. Equities Since 2015

Output Cut Optimism

Oil prices rose above $50 a barrel as Organisation of Petroleum Exporting Countries' Secretary-General Mohammad Barkindo said the production cuts implemented this year are bringing the market to balance.

Also Read: OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink

Flat Start?

SGX Nifty futures rose 0.1 percent to 9,207 as of 7:00 a.m., indicating a quiet start for Indian equities in the new financial year.

Indian shares closed little changed on Friday as gains in index heavyweight Reliance Industries Ltd. were offset by the decline in financials and automakers.

Shares of liquor companies such as Radico Khaitan Ltd. and United Spirits Ltd. will be in focus today after the Supreme Court upheld its earlier order banning liquor sale in hotels and restaurants, or liquor outlets, within 500 metres of state and national highways.

Investors will also react to March sales numbers from automakers like Mahindra & Mahindra Ltd., Maruti Suzuki India Ltd., Eicher Motors Ltd., and Tata Motors Ltd.

Also Read: M&M's March Sales Rise 6% Led By Commercial Vehicles Segment

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