News

The European Union is preparing to step up its engagement with other countries hit by Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter.

 #CNBCTV18Market | #GIFTNifty lower, trading at a discount of over 50 pts from Nifty Fut Friday close, indicates a start in the red for the Indian market pic.twitter.com/w2eyeC3dMu

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Trade Set Up

Over the weekend, US President Donald Trump declared a 30% tariff on the European Union (EU) & Mexico effective August 1

Trump has left the door open for adjustments

Why does it matter? These rates are significantly higher than the 10-20% expected outcome

Muted market reaction; Euro down, DXY up small, US futures -0.4%, Gold up 0.5%

On Friday, Gold +1% to 3355, Silver rallied nearly +4%

Focus is squarely back on tariff policy. Trump issued 22 letters last week

Asian currencies were lower on the week, but not dramatically so

The market is again expecting Trump to back down or further delay once the August start date approaches

Is this a significant risk, increasingly bordering on complacency?

Trump’s 50% tariff on copper imports means that various Section 232 (sector) reviews are concluding

Trump also announced a 50% tariff on Brazil, a dangerous precedent?

What will be the end-state effective tariff rate? Much higher than cthe onsensus 15%?

Nifty broke the 20-day MA, opening up the risk of correction to 40-day EMA, i.e, 25,018

Bank Nifty did not close below the 20-day MA

If Bank Nifty breaks 20-day MA (56,692), the index can head to 56,097 (40-day EMA)

Monday Cues

Cautious trade in Asia after Trump imposes 30% tariff on Europe and Mexico

EU + Mexico = One third of total US imports

European Commission President Ursula von der Leyen :

“Imposing 30%tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic. EU remains ready to continue working towards an agreement by August. At the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.”

Gold builds on Friday gains hovering near one-week high on safe haven demand.

Nifty sees consolidation with a downward bias

Fund Flow

FIIs Net Sell  ₹5,104.22 Cr In Equities

DIIs Net Buy ₹3,558.63 Cr In Equities

June CPI data in focus today; Consumer inflation likely to come in below May’s 2.8% print

Stocks in Focus

Retail investors sold their shares in One97 Communications, the parent company of Paytm, during the April-June quarter, according to the latest data from the Bombay Stock Exchange.

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Multiples Private Equity and partners, including Samvibhag Securities and investors Mithun and Siddhartha Sancheti, have teamed up to buy a 32% stake in VIP Industries from its promoter group. This confirms a report first shared by CNBC-TV18 on Friday, July 10.

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