What’s likely to move markets in the next trading session on June 12?

Indian markets on Friday (June 12) will watch key domestic inflation data, global developments surrounding the Iran conflict, and cues from US markets.

Meanwhile, US President Donald Trump has again threatened to step up attacks on key Iranian energy infrastructure. However, US stocks gained, supported by a rebound in chip stocks after recent pressure.

In addition, US initial jobless claims unexpectedly rose to their highest level since February, while wholesale prices increased more than expected in May.

US-Iran War: US President Donald Trump said on Thursday he wants to take over Iran's oil infrastructure hub Kharg Island, but he was not sure Americans have the stomach for a major escalation in the war. "My preference has always been - take Kharg Island ... my preference would be that. I don't know that America has the stomach for it," he said in an interview on Fox News.

After more than three months of war, Iran still has effectively shut the Strait of Hormuz, a critical supply route for oil and gas shipping, and has retained its stockpile of enriched uranium. The US and Iran traded air attacks on Thursday for a second day in a worsening of hostilities that has undermined prospects for a swift end to the war.

US Markets: US equities traded higher, supported by a rebound in chip stocks after recent weakness, although gains were limited by escalating tensions between the US and Iran. The S&P 500 rose 0.4%, while the Nasdaq Composite added 0.6%. The Dow Jones Industrial Average advanced 270 points, or 0.5%.

US jobless claims: Applications for US unemployment benefits rose more than expected last week, signalling some softening in the labour market even as hiring remains resilient amid economic uncertainty. Initial jobless claims increased by 4,000 to 229,000 in the week ended June 6. The figure was higher than the 216,000 claims forecast by economists surveyed by FactSet and marked the highest level since early February.

US wholesale inflation: US Producer Prices climbed last month at the fastest pace since November 2022, fueled by a surge in energy prices. The Labour Department reported Thursday that its producer price index — which captures inflation before it reaches consumers — jumped 6.5% from May 2025. It also rose 1.1% from April, the same as it did the previous month. Excluding volatile food and energy prices, so-called core wholesale prices rose 0.4% from April and 4.9% from May 2025.

Retail inflation:

India’s retail inflation, measured by the Consumer Price Index (CPI), is scheduled for release on Friday. According to a Union Finance Ministry report, inflation may edge higher due to recent fuel price hikes and weaker-than-normal monsoon rainfall. For April 2026, CPI inflation stood at 3.48%, while a Reuters poll of economists expects the May reading to rise to around 4%.

European Central Bank raises interest rates: The ECB raised interest rates by 25 basis points on Thursday, June 11, marking its first rate increase since 2023, as escalating conflict involving Iran drives energy prices higher and reignites inflationary pressures across the euro zone.

Tata Sons Board Meeting: The board of Tata Sons is scheduled to meet on Friday. The meeting is expected to focus on the appraisal of key personnel and discuss certain company-specific updates. Tata Sons Chairman N Chandrasekaran’s reappointment is not part of the agenda at this stage, the sources added.