New Delhi, March 18 -- After facing a series of shocks from tariffs, technology disruptions and rising oil prices, global stock markets now face the risk of a potential demand slowdown, according to a report by Nuvama Institutional Equities.

The report highlighted that FY26 has witnessed multiple historic shocks and raised concerns about whether a demand shock could be the next major risk for markets.

"FY26 had a litany of historic shocks -- Tariffs, technology and now oil. Is demand shock next?" the report noted, adding that risks remain elevated as the US labour market shows signs of weakening, resembling recession-like conditions.

It stated, "Risks loom large as US labour market is weakening (recession-like) and US private credit ma...