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India's benchmark in focus as May data showed goods and services exports up 15.8% and imports up 19% year over year.

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International

UK-India Free Trade Agreement to Take Effect from July 15

The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom, which was signed last year, will come into effect on July 15, according to official statements from both sides released on Wednesday.Under the pact, the UK will provide zero-duty access to 99% of Indian products, while India has agreed to remove or reduce tariffs on 90% tariff lines, which will cover 92% of existing goods imports from the UK.The deal is expected to boost the UK's gross domestic product by 4.8 billion pounds sterling, real wages by 2.2 billion pounds, and bilateral trade by 25.5 billion pounds sterling every year in the long run.The two parties worked out the contentious issue of steel exports. India has secured protection for the majority of its steel exports to the UK under the agreement, with 85% of outbound shipments kept outside Britain's upcoming steel safeguard measures.For Indian consumers, the deal will make whisky cheaper with tariffs cut from 150% to 40%, automobiles from 100% to 10% under a quota, and cosmetics will see tariffs of up to 22% eliminated either from day one or after 10 years.The British government said businesses had 28 days to register in order to get the benefit of tariff reductions.

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Asia

Indian Civic Body BMC Extends Deadline to Select Merchant Bankers for Bond Issue

India's Brihanmumbai Municipal Corp. (BMC) has extended the deadline for market players to submit proposals to select merchant bankers for its upcoming municipal bond offering to June 19 from June 15, according to a recent corrigendum to the tender on the Maharashtra government's website.BMC, which is seen as India's richest civic authority, had floated a tender on May 22 to appoint a lead manager for the bond issue, aimed at raising up to 95 billion Indian rupees through bonds in one or more tranches.News reports earlier this month said 13 banks and financial institutions had submitted bids to act as merchant bankers for the proposed fundraising exercise.Bids will be opened on June 22 instead of June 16.

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Asia

Market Chatter: India Silver Imports Fall 87% in May After Import Curbs Tightened

India's silver imports fell sharply in May after the government tightened restrictions on inbound shipments, with volumes hitting lowest level in over three years, Reuters reported Monday, citing Ministry of Commerce and Industry data.Silver imports plummeted 87% to $75.57 million from $566.22 million a year earlier, while volumes plunged 94% year on year to 33 metric tons, government data reportedly showed.India introduced curbs in mid-May covering nearly all forms of silver and later expanded restrictions to include silver grain and powder, requiring prior authorization for shipments, Reuters noted.The government has also reportedly increased import duties on silver and gold to 15% from 6% to reduce precious metals inflows and ease pressure on foreign exchange reserves.The country spent a record $12 billion on silver imports in fiscal 2025-26, compared with $4.8 billion last year.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Sify Infinit Spaces Defers INR37 Billion IPO Amid Weak Market Conditions

Sify Infinit Spaces has put its planned 37 billion Indian rupee initial public offering on hold amid weak stock market conditions, Bloomberg reported Tuesday, citing people familiar with the matter.The India-based data center operator was reportedly targeting a valuation of up to $4.2 billion in the proposed share sale.The company may revisit the initial public offering when market conditions improve, the people told Bloomberg.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities Extend Rally on Thursday as Peace Deal Optimism Supports Risk Appetite

Indian benchmark indices ended higher on Tuesday, extending gains for a third straight session as improving global sentiment and lower crude oil prices continued to support buying across sectors.The BSE Sensex rose 544.15 points, or 0.7%, to close at 76,808.48, while the NSE Nifty 50 gained 135.25 points, or 0.6%, to settle at 23,989.15.The proposed U.S.-Iran peace agreement lifted sentiment across markets as easing energy supply concerns pushed crude oil prices lower. Investors are now awaiting the formal signing of the deal, which is expected to bring an end to the conflict in the Gulf region.In corporate developments, Tata Consultancy Services (NSE:TCS, BOM:532540) said it expects to record an additional one-time charge of $70 million in the first quarter of fiscal 2027 related to its ongoing legal dispute with DXC Technology. The disclosure follows the U.S. Supreme Court's decision not to review the case.Bharti Airtel (NSE:BHARTIARTL, BOM:532454) incorporated a wholly owned subsidiary, Airtel Global IFSC, in Gujarat International Finance Tec-City. The new entity will operate as a finance company focused on global corporate treasury activities and other permitted services.

^BSENifty 50BOM:532454BOM:532540NSE:BHARTIARTLNSE:TCS
Asia

Market Chatter: Advit Jewels Sets Price Band for Upcoming IPO, Issue Opens June 23

Advit Jewels has set price band for its upcoming initial public offering at 130 rupees to 138 rupees per share, Mint reported Monday.At the upper end of the band, the company plans to raise up to 1.65 billion rupees, the report said.The issue will open for subscription on June 23 and close on June 25, according to a company document filed with Securities and Exchange Board of India last week.The Jaipur-based jewelery company's IPO is entirely a fresh issue of 11.9 million shares, with no offer-for-sale component, the document said.Investors can bid in lots of 100 shares, Mint noted.The company plans to use 650 million rupees from the proceeds for working capital needs and another 65 million rupees for repayment or prepayment of borrowings, the report said. The rest will be used for general corporate purposes, it added.The issue allocation includes up to 50% for qualified institutional buyers, at least 15% for non-institutional investors and a minimum 35% for retail individual bidders, Mint said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: BHP, Rio Tinto Bet on India for Future Steel Demand Growth

Mining majors BHP Group and Rio Tinto are turning focus toward India, viewing it as a key driver of future steel demand as growth in China slows, Bloomberg reported on Tuesday.Executives from both companies said rising steel capacity and infrastructure-led demand in India could support global iron ore consumption over the coming years.BHP's group sales and marketing officer Michiel Hovers said Indian steelmakers are expanding capacity, calling the trend "real" and already "happening".India is positioning itself as a major steel producer, with a government target of 500 million tonnes of output by 2047, compared with 165 million tonnes produced last year, according to the report.While per-capita steel use in India remains well below China, rapid urban development and public infrastructure spending are expected to sustain long-term demand growth, creating opportunities for iron ore and coal suppliers, Bloomberg noted.Rio Tinto chief commercial officer Bold Baatar said future demand growth in steel will increasingly come from India and other emerging markets, helping offset weaker trends in China, Bloomberg reported.BHP, Rio Tinto did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Equities

India Raises Windfall Taxes on Diesel, Aviation Fuel Exports

India has raised windfall taxes ​on diesel and aviation fuel exports effective June 16, to ensure domestic availability of petroleum products by disincentivising exports in the backdrop of the West Asia crisis, according to an official statement on Monday.The rate of special additional excise duty (SAED) on export of diesel will be hiked to 14 per liter from 13.5 rupees per liter. SAED on export of aviation fuel will be 12.5 rupees per liter, up from 9.5 per liter, according to a Ministry of Finance notification.There is no change in the rate of duty on exports of petrol, and it remains 1.5 rupees per liter, with the prices applicable for the ​next fortnight starting ​June 16.

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Asia

Market Chatter: Razorpay Files IPO Papers Confidentially

Razorpay Software is seeking an India listing and has privately filed draft papers with the Securities and Exchange Board of India for an initial public offering, Bloomberg reported Monday, citing a newspaper advertisement.The payments firm could raise as much as $500 million through the share sale, people familiar with the matter told Bloomberg.Kotak Mahindra Capital, Axis Capital, Citigroup, Goldman Sachs and JPMorgan are advising on the proposed offering, the report said.Under the confidential filing route, IPO documents remain private until regulatory review is completed, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

India's Goods, Services Imports Rise 19% in May

India's total imports of goods and services increased 19% year over year to an estimated $92.5 billion in May, according to data released by the Ministry of Commerce and Industry on Monday.Of the total, merchandise imports rose to $73.4 billion in May from $60.9 billion a year earlier, while services imports increased to $19.1 billion from $16.7 billion.Total exports rose 15.8% to an estimated $82 billion, resulting in a trade deficit of $10.5 billion, compared with $6.8 billion a year earlier.

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International

Update: India's Goods, Services Exports Rise 15.8% in May

(Updated to add services export value)India's total exports of goods and services increased 15.8% year over year to an estimated $82 billion in May, according to data released by the Commerce Ministry on Monday.Of the total, merchandise exports rose to $45.2 billion in May from $38.3 billion a year earlier, while services exports increased to $36.76 billion from $32.46 billion.Meanwhile, total imports rose 19.2% to an estimated $92.5 billion, resulting in a trade deficit of $10.5 billion, compared with $6.8 billion a year earlier.

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International

India's Goods, Services Exports Rise 15.8% in May

India's total exports of goods and services increased 15.8% year over year to an estimated $82 billion in May, according to data released by the Commerce Ministry on Monday.Of the total, merchandise exports rose to $45.2 billion in May from $38.3 billion a year earlier, while merchandise imports increased to $73.4 billion from $60.9 billion.Total imports rose 19.2% to an estimated $92.5 billion, resulting in a trade deficit of $10.5 billion, compared with $6.8 billion a year earlier.

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International

IMF Sees Global Economy Holding Up Amid Middle East Conflict

The global economy has remained resilient despite the Middle East conflict, supported by strong growth in the U.S. and China, though energy importers remain vulnerable, according to a Monday blog by IMF Managing Director Kristalina Georgieva.Oil prices remain about 30% above pre-war levels, contributing to higher inflation in many economies.However, inflation expectations have generally remained anchored, while financial markets have held up and global financial conditions remain accommodative, Georgieva said.She said investment in artificial intelligence and data centers continues to support growth, particularly in the U.S. and parts of Asia, helping offset the impact of higher energy costs.The IMF warned that countries heavily reliant on energy imports, especially in Africa and parts of Asia, face mounting pressure from higher fuel, food, and financing costs.The fund said policymakers should maintain price stability and fiscal discipline while remaining prepared to respond to prolonged disruptions.

ASX 200^BSE^DSE^HNX^HOSEHang Seng^JKSEFTSE Bursa Malaysia KLCI^KOSDAQKOSPINikkei 225Nifty 50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted^YSX
Indian Wholesale Inflation Rises 9.68% in May
US Markets

Indian Wholesale Inflation Rises 9.68% in May

India's annual wholesale price index (WPI)-based inflation rate increased, the fastest since September 2022, as the effects of the war in the Middle East continue to drag.The country's wholesale price inflation rose to 9.68% year over year in May, faster than the slightly modified 8.26% pace recorded in the prior month, the Ministry of Commerce and Industry said Monday.The figure was higher than the consensus forecast of 9.10% tracked by Investing.com and 9.05% by economists polled by Reuters.The higher-than-expected reading could indicate bullishness for the Indian rupee, Investing.com said.Prices of wholesale fuel and power surged 30.33% in May, faster than the 24.89% rise in April, and the fastest since September 2022, the ministry said.Fuel prices drove the WPI in both April and May, the ministry said. The increases happened amid the war in Iran, which drove state-run oil marketing companies to raise retail fuel prices four times during the month, Reuters reported separately.Primary article prices jumped 4.99% during the month, up from a 3.78% increase in the previous month.Manufacturing prices grew 7.48%, faster than the 6.68% rise recorded in April and the fastest since August 2022.Food inflation surged 4.49%, a 14-month high, from 3.11% in April.Wholesale inflation is also higher than retail inflation, which jumped 3.93% in May, close to the Reserve Bank of India's 4% target for retail inflation within a tolerance band of 2% to 6%, Reuters said.The figure will not directly impact interest rates, Reuters said Monday, citing economists.The wholesale inflation release also debuted new indicators such as the output and trial producer price indices, as well as service PPIs for the banking, securiites, transaction, insurance, pension fund management, airlines, railways, and telecommunications.

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International

India's Unemployment Rate Swells to 5.5% in May

India's official unemployment rate rose to 5.5% in May, according to the monthly Periodic Labour Force Survey (PLFS) bulletin released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday.The headline jobless rate compared with the 5.2% recorded in the previous month, driven by shifts across both rural and urban workforces.Urban unemployment fell to 6.4% from 6.6% in the prior month, while rural joblessness stood at 5.1%, versus 4.6% in April.The Labour Force Participation Rate edged down to 54.4% from 55%, while the Worker Population Ratio stood at 51.4%, versus 52.2% in April.

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International

India's Trade Deficit Narrows in May as Imports, Exports Rise

India's trade deficit fell to $28.21 billion in May from $28.38 billion in the previous month, according to government data on Monday.According to the Ministry of Commerce and Industry, merchandise exports increased to $45.20 billion from $43.56 billion, while imports jumped to $73.41 billion from $71.94 billion.

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Asia

Indian Equities Rally on Monday as US-Iran Peace Deal Lifts Sentiment

Indian benchmark indices climbed nearly 1% on Monday as investors welcomed a peace agreement between the U.S. and Iran.The truce ended nearly four months of conflict, easing geopolitical concerns. The agreement boosted risk appetite across global markets and triggered broad-based buying in Indian equities.The BSE Sensex rose 736.38 points, or 1%, to close at 76,264.33, while the NSE Nifty 50 gained 231.00 points, or also 1%, to settle at 23,853.90.Lower crude oil prices added to the positive mood.Analysts believe market participants will now focus on the progress of the monsoon season, potential El Niño-related risks, and the upcoming earnings season for clues on corporate growth and profitability.In corporate developments, four Vedanta Group companies - Vedanta Aluminium Metal (NSE:VAML, BOM:544780), Vedanta Power (NSE: VEDPOWER, BOM:544781), Vedanta Oil & Gas (NSE:VOGL, BOM:544782), and Vedanta Iron & Steel (NSE:VISL, BOM:544784) - began trading on Indian exchanges, completing the group's demerger into sector-focused businesses.Meanwhile, Bharti Airtel (NSE:BHARTIARTL, BOM:532454) said nearly all shareholders approved a transaction that will increase its effective stake in Airtel Africa to about 79%. The deal involves the issuance of equity shares to a promoter group entity and does not require any cash outflow.

^BSENifty 50BOM:532454BOM:544780BOM:544781BOM:544782BOM:544784NSE:BHARTIARTLNSE:VAMLNSE:VEDPOWERNSE:VISLNSE:VOGL
International

Asia Week Ahead: Central Bank Decisions; Inflation; and Trade

The week ahead in Asia will be packed with a number of central bank decisions and macroeconomic data, with investors set to track the impact of the Middle East conflict on regional economies.The economic calendar starts quietly on Monday with services activity data from Japan, whole inflation figures from India and New Zealand's services PMI.Activity picks up Tuesday as the Reserve Bank of Australia and Bank of Japan announce policy decisions, while China releases a batch of closely watched activity indicators.Wednesday shifts the focus to trade, with Japan and Singapore due to report May figures.Thursday brings a cluster of central bank decisions from Taiwan, Indonesia and the Philippines, with New Zealand's first-quarter GDP and Thailand's trade data also on deck.Friday rounds out the week with inflation data from Japan and Malaysia, with New Zealand reporting trade numbers.Here's what to watch in the week ahead.MONDAY, June 14The week was off to a relatively light start with a handful of releases from India, New Zealand, and Japan.Japan released its tertiary industry activity index for April, a measure of change in the total value of services provided and consumed by the country's service sector.The index rose a seasonally adjusted 1.3% month on month, reversing from a 0.6% decline in the prior month and recording its first increase in three months.It also beat the Trading Economics forecast of a 0.5% increase.In New Zealand, the BusinessNZ Performance of Services Index fell to 47.5 in May from a downwardly revised 48.7 in April, marking a fourth straight month of contraction in the services sector. Trading Economics said the decline came as the Iran war weighed on business activity.India's annual wholesale price index (WPI)-based inflation rate rose to 9.68% year over year in May. The reading was higher than the consensus forecast of 9.10% tracked by Investing.com and compared with an 8.26% pace recorded in the prior month.Later Monday, India reports unemployment stats for May.TUESDAY, June 16Macro activity picks up Tuesday with central bank decisions scheduled in Australia and Japan, and a slew of monthly data from China.The Reserve Bank of Australia is expected to hold the official cash rate steady at 4.35%, according to a Trading Economics consensus.Economists at National Australia Bank said the latest decision would mark the end of the tightening cycle, with the next move likely down and now expected in the second quarter of 2027.In contrast, the Bank of Japan is forecasted to raise interest rates by 25 basis points to 1%, according to a Trading Economics consensus estimate.Bloomberg reported earlier June that the central bank was considering raising the policy rate amid high uncertainties over the Middle East conflict. Officials were expected to sift through as much data as possible until the last minute before making a final decision, though the decision to raise rates was unlikely to be unanimous, according to the report.China's industrial production and retail sales stats will also be in the news, alongside monthly unemployment and housing price data.Markets will review the figures to gauge how well the country's economy is faring amid the Middle East conflict. According to the Wall Street Journal, the data is likely to indicate overall improvement and economic resilience despite the macro headwinds.Hong Kong will report unemployment data the same day, while trade stats will be in focus in India and South Korea.In New Zealand, markets will await food inflation data which is expected to show "modest increases," according to CommBank.WEDNESDAY, June 17Focus shifts Wednesday to trade data from Singapore and Japan.Japan is expected to record a trade deficit of 564.6 billion yen in May, reversing from a 301.9 billion yen surplus a month earlier, according to a Trading Economics consensus.Wednesday will also bring the Reuters Tankan Index for June, a key gauge of Japanese business confidence, along with monthly machinery orders data.Meanwhile, Singapore's trade surplus is expected to narrow to $7 billion in May from $13.07 billion in April, according to Trading Economics. The city-state is also due to release monthly non-oil export data.A forward-looking report from Westpac capturing consumer confidence in New Zealand is also scheduled for Wednesday.THURSDAY, June 18Central banks across Taiwan, Indonesia and The Philippines will meet for interest rate decisions Thursday.Bank Indonesia will be in focus after it unexpectedly raised interest rates by 25 basis points earlier this month to support the rupiah.While some economists expect the central bank to deliver another 25 basis point hike, ING expects Bank Indonesia to hold rates steady and instead prioritize alternative measures to attract foreign capital inflows and stabilize the currency.The Philippines' central bank, Bangko Sentral ng Pilipinas, is widely expected to raise its benchmark rate by 25 basis points to 4.75% amid persistent inflationary pressure, according to a Trading Economics consensus.Meanwhile, Taiwan's central bank is expected to hold rates steady at 2%. ING said it will be monitoring the Central Bank of the Republic of China's press conference for clues on a possible rate hike in the third quarter.Elsewhere, New Zealand will report its first quarter gross domestic product growth rate. CommBank said it expects quarterly growth to reach 0.8%, shy of the Reserve Bank of New Zealand's 1% forecast.While the economy started 2026 with a decent moment, there will be "pockets of weakness" highlighting that economic recovery was a "bit patchy," CommBank said in a preview.Lastly, Thursday will feature Thailand's trade figures for May.FRIDAY, June 19The week rounds off with closely watched inflation data from Japan.According to ING, May's consumer prices could record a rise of 1.6% year on year, accelerating marginally from 1.4% in April. The subdued increase would reflect government measures, though price pressures are likely to broaden, ING said.Malaysia's headline inflation, also due the same day, is similarly expected to show a marginal rise to 2% year-on-year in May from 1.9% in April due to government fuel subsidies and stable food prices, the Wall Street Journal reported, citing DBS.Malaysia will additionally report monthly trade figures on Friday, while Macao will release monthly inflation data the same day.Trade figures from New Zealand will also feature Friday. According to a Trading Economics consensus, New Zealand's May trade surplus could narrow to NZ$875 million from NZ$1.92 billion a month earlier.South Korea's producer price inflation will also be among the highlights of the day.

ASX 200^BSEHang Seng^JKSEFTSE Bursa Malaysia KLCIKOSPINikkei 225Nifty 50^NZ50^PSEIM^SETShanghai Composite^STI^SZSETaiwan Weighted
International

India's Wholesale Inflation Quickens to 9.68% in May

India's annual wholesale price index (WPI)-based inflation rate rose to 9.68% year over year in May, according to data from the Ministry of Commerce and Industry released Monday.The reading was higher than the consensus forecast of 9.10% tracked by Investing.com and compared with an 8.26% pace recorded in the prior month.

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Asia

Market Chatter: Indian Rupee, Bonds to get Support From US-Iran Truce

The Indian rupee and government bonds are expected to benefit from a U.S.-Iran ceasefire agreement that has eased concerns over energy supplies and pushed oil prices lower, Reuters reported on Monday.The rupee is expected to strengthen beyond its Friday close of 95.11 per U.S. dollar, while bond yields could remain supported by softer crude prices and recent measures aimed at attracting foreign currency inflows, the report noted.Market participants will also focus on the U.S. Federal Reserve's policy decision this week, Reuters said. While interest rates are widely expected to remain unchanged, investors will watch for signals on the future policy path, according to the report.Foreign investors have increased purchases of Indian bonds in recent sessions, Reuters noted. Net buying worth 155.5 billion rupees since June 5 has exceeded cumulative purchases worth 155 billion rupees for the year through June 4, it added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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