Top Stories | Trump's global tariff threat, Cabinet decisions, SpaceX IPO and more

It’s one of those days where global tensions and market nerves are moving in sync. Geopolitics is heating up fast and markets clearly aren’t liking it.
The US and Iran are back in a serious face-off, exchanging heavy fire after strikes near Qeshm Island. The ripple effects are already global: crude prices are climbing, Kuwait has suspended flights after airport damage, and tragically, an Indian national has been killed in the chaos. Even so, Donald Trump says talks are still on, leaving a slim window open for diplomacy.

Back home, trade concerns are adding to the unease. Trump’s latest tariff push could see India face a steeper 12.5% duty, even as negotiations continue. Dalal Street reflected that uncertainty into a choppy session overall, though bank stocks managed to hold their ground.

On the policy front, the Centre cleared a ₹10,000 crore fund to stabilise jet fuel prices, along with a multi-crore scheme to phase out old vehicles in the Delhi-NCR region.

There are more headlines, from a potentially record-breaking SpaceX IPO to a tragic fire in Delhi raising fresh safety concerns. Politics, too, remains in flux, with rebellion in West Bengal against Mamata Banerjee and a new chapter beginning in Karnataka under DK Shivakumar.

Plenty moving the needle and a lot more to watch from here.

OECD cuts global growth forecast, warns prolonged US-Iran war could trigger recessions

The Organisation for Economic Co-operation and Development (OECD) has lowered its outlook for global economic growth to 2.8% in 2026 from 3.4% in 2025, warning that the fallout from the US-Iran conflict could deepen significantly if disruptions to energy supplies and shipping routes persist.

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Also Read: Indian national killed in Kuwait airport attack; MEA condemns strike

India may face an additional 12.5% tariff on exports to the US

India may face an additional 12.5% tariff on exports to the US under a proposed trade measure targeting countries that Washington says have failed to effectively prohibit imports made with forced labour, according to the Office of the US Trade Representative (USTR).

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Trade Setup for June 4: Nifty continues to make lower lows raising questions on intraday recovery

The Nifty50 witnessed another volatile session on Wednesday, with a sharp intraday recovery helping the benchmark trim most of its losses by the close. Weak global cues weighed on sentiment at the open, with the Nifty starting the session 68 points lower.

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Also Read: IT stocks drag markets lower; Sensex falls 304 points, Nifty ends under 23,450

Stocks to Watch for June 4: Aurobindo Pharma, IndiGo, BHEL, NBCC and more

Aurobindo Pharma | The company's wholly-owned subsidiary CuraTeQ Biologics Pvt Ltd received marketing authorising from the Central Drugs Standard Control Organisation (CDSCO) for Bevqolva for metastatic carcinoma of the colon or rectum. With this, CuraTeq's facility in Hyderabad can manufacture and market Bevqolva in 100 mg/4ml and 400mg/15 ml vial presentations.

From Aurobindo Pharma inaugurating TheraNym, a dedicated biologics contract manufacturing organisation to NBCC securing work orders worth around ₹83.24 crore; here are some stocks to watch ahead of Thursday trading session.

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IndiGo rebounds from day's lows after Cabinet clears ₹10,000 crore ATF stabilisation fund

Shares of Interglobe Aviation Ltd. climbed to the day's highs on Wednesday, June 3, after the government approved a ₹10,000 crore Aviation Turbine Fuel (ATF) Price Stabilisation Fund aimed at cushioning airlines from soaring jet fuel costs triggered by the West Asia crisis.

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Also Read: Explained: How the ₹10,000 crore ATF Price Stabilisation Fund will work

Anthropic’s Project Glasswing goes global: India among countries to get Mythos AI access

Anthropic’s Project Glasswing goes global: India among countries to get Mythos AI access. (Image AI generated)

Artificial intelligence company Anthropic is expanding access to its powerful cybersecurity AI model, Mythos, opening the technology to more than 150 organisations worldwide.

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Karnataka gets new Chief Minister as DK Shivakumar takes charge

Karnataka Pradesh Congress Committee president D K Shivakumar on Wednesday, June 3, took oath as the Chief Minister of Karnataka at a ceremony held at Lok Bhavan in Bengaluru.

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Delhi Malviya Nagar fire kills 21, over 40 rescued; foreigners among the dead

At least 21 people were killed after a fire broke out at a bed-and-breakfast operating in a multi-storey building in Delhi's Malviya Nagar area on Wednesday, officials said. The fire occurred at Flourish Stay B&B in Hauz Rani, a densely populated locality in south Delhi.

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Mamata out, expelled Trinamool MLA Ritabrata Banerjee to lead Opposition in Bengal

The turmoil within the Trinamool Congress escalated on Wednesday, June 3, as expelled MLA Ritabrata Banerjee emerged as the leader of the Opposition in the West Bengal Assembly after securing the backing of a large group of dissident TMC legislators.

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SpaceX plans to price IPO at $135 per share, targets record $75 billion raise: Report

FILE PHOTO: A 3D-printed miniature model of Elon Musk and a SpaceX logo are seen in this illustration created on January 23, 2025. REUTERS/Dado Ruvic/Illustration//File Photo

SpaceX is preparing for what could become the largest initial public offering (IPO) in history, as the Elon Musk-led company moves closer to a public market debut that could value the business at roughly $1.75 trillion, according to a Reuters report citing sources.

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We will meet you on Thursday with another engaging Top 10@10