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With billions of dollars in trade at stake, China and the European Union have agreed to engage in talks to try to resolve an escalating dispute over tariffs. China's commerce minister, Wang Wentao, and Valdis Dombrovskis, the European Union trade commissioner, will hold discussions on the European Union's plan for tariffs on electric cars from China, the Chinese Commerce Ministry said late Saturday. Hours earlier, Robert Habeck, Germany's vice chancellor and economic minister, said that the European Union was willing to hold consultations, and he expressed a hope that tariffs could be avoided. This month, the European Commission, the executive body of the European Union, proposed tariffs of up to 38% on electric cars from China, atop an existing 10% tariff on imported cars. The commission said it found that China's electric car sector was heavily subsidized by the government and state-controlled banking system. China's exports of electric vehicles pose a growing challenge to Europe's automakers. Habeck, speaking in Shanghai after meetings in Beijing, defended the tariffs. "These tariffs are not punitive," he said, adding that the tariffs are intended to offset subsidies that violate World Trade Organization rules. It is unclear what a possible trade deal might look like. Executives at Volkswagen and other European automakers have called for Chinese manufacturers to build cars in Europe with European workers earning European wages, instead of importing cars from China. But Chinese automakers have already built dozens of electric car factories in China with what the EU describes as extensive subsidies, and are still building more factories. Before agreeing late Saturday to talks, Wang, China's commerce minister, who had met with Habeck, accused the EU of violating WTO rules. The National Development and Reform Commission, China's top economic planning agency, said in a statement that "China will take all measures to safeguard the legitimate rights and interests of Chinese companies." It added that the tariffs were inconsistent with international efforts to address climate change. The tariffs would put Germany in a tricky position. German automakers have extensive operations in China and worry that they will be hurt by retaliatory trade actions by Beijing. On Saturday in Beijing, Habeck visited several Chinese economic ministries but did not meet with Premier Li Qiang, China's No. 2 official. Habeck then flew to Shanghai to hold a news conference, but declined to comment on why he had not met Li, who in some ways is his counterpart. Habeck criticized China for supplying Russia with goods that have both civilian and military applications for its war on Ukraine. China's trade with Russia increased more than 40% last year, and half of the increase was related to these dual-use goods, he said. "These are technical goods that can be used on the battlefield, and this has to stop," he said. But the focus of Habeck's trip was the trade dispute. He was scheduled to speak Sunday in Shanghai with German business leaders and then visit nearby Hangzhou, a tech hub. WTO rules allow tariffs intended to offset the effects of subsidies. For its part, China denies that it improperly subsidizes its electric vehicle companies and says that its leading role in the industry worldwide is a result of efficient manufacturing and innovation. Anticipating the tariffs, China's Commerce Ministry in January took the first steps toward imposing tariffs on imports of cognac and other wine-based spirits, produced mainly by France, one of the countries that has led calls for tariffs on China's electric cars. On Monday, China's Commerce Ministry threatened to impose tariffs on pork imports from Europe. And state-controlled media in China has reported in the past week that the Chinese auto industry is asking the Commerce Ministry to impose tariffs on imports of gasoline-powered cars from Europe, a move that would chiefly affect German automakers. Wang called on Germany to help end the EU's tariffs. "It is hoped that Germany will play an active role in the EU and promote the EU and China to move toward each other," the ministry said in a statement Saturday. China, the world's largest car market, has nearly halved its imports of German cars in the past five years as its domestic automakers have become increasingly competitive. China's car companies dominate the worldwide production of electric and plug-in hybrid gasoline-electric vehicles, which now nearly match sales of gasoline-powered cars in China. But many of China's wealthiest customers still covet German brands. Mercedes-Benz sells more of its most luxurious cars, German-built Maybachs, in China than in the rest of the world combined. German automakers also have joint ventures with Chinese companies to assemble cars in China. Volkswagen is making further large investments in manufacturing and engineering in China while beginning to cut staff in Germany. To block the tariffs, Beijing would need to persuade a majority of EU countries, representing at least 65% of the bloc's population, to overrule the European Commission. (STORY CAN END HERE. OPTIONAL MATERIAL FOLLOWS.) In its response to Europe's tariffs, China is expected to target key countries, analysts said. Possible tariffs on gasoline-powered cars would hit Germany, the bloc's most populous country, with 19% of the union's people. Italy is third in population and it, too, exports luxury gasoline-powered vehicles to China -- Ferrari and Lamborghini sports cars. France is Europe's second-most populous country, and China's potential cognac tariffs are aimed at one of its national symbols. Spain, the fourth-most populous country in Europe, is the leading European exporter of pork to China, a product Beijing has also threatened to penalize. Beijing allowed German automakers, led by Volkswagen, to open car factories with Chinese manufacturers in the 1980s, bypassing China's 100% tariffs then on imported cars. China cut tariffs on imported cars to 25% in the years after it joined the WTO in 2001, and in 2018 further reduced tariffs on most imported cars to 15% in a move to ease trade tensions with the United States during the Trump administration. In addition to the 15% tariff, China collects a 10% tax from buyers of gasoline-powered cars. Cars and SUVs with very large gasoline engines, which are mainly imported, pay an additional tax of 40%.

North Sound (Antigua): Hardik Pandya produced an all-round show while Kuldeep Yadav foxed Bangladesh batters with his guile as India all but assured themselves of a semifinals berth through a dominant 50-run victory in their second Super 8 game of the T20 World Cup here on Saturday. Star batter Virat Kohli (37 off 28) found much-needed rhythm before Shivam Dube (34 off 24) and Hardik (50 not out off 27) pushed India to 196 for five, the highest total at this venue so far. Bangladesh could never really challenge India in the steep run-chase and ended up with 146/8 in 20 overs, their second straight loss in the Super 8s. India will meet their match in Australia, the two unbeaten teams so far, in their final Super 8 fixture in St Lucia on Monday. Kuldeep (3/19), who got his opportunity in the Caribbean leg of the competition, made the Bangladesh batters look clueless with the effective use of googly and stock ball. Bumrah (2/13 in four) produced a frugal effort as usual. Bangladesh skipper Najmul Shanto (40 off 32) played some attacking shots including two sixes over fine leg off Hardik but did not get support from others as the batters let the team down once again. After Litton Das (13 off 10) crisply pulled Hardik for a six over deep mid-wicket, the all-rounder had him caught at deep square leg the very next ball. It was a premeditated walk across the stumps from Litton that led to his dismissal. Kuldeep then got into the act and it did not take him long to make an impact. He got rid of opener Tanzid Hasan (29) with a wrong one that the batter failed to pick, trapping him in front of the stumps. Bangladesh's stand out batter so far, Towhid Hridoy, went for a sweep against Kuldeep but missed it completely to be adjudged leg before. After being 76 for three in the 12th over, Bangladesh could only delay the inevitable. Earlier, struggling for runs since his selection in the India squad, Dube once again was slow off the blocks before smoking three sixes to make an impact towards the end of the innings. Hardik provided the final flourish to take the team close to 200. The all-rounder completed his 50 off the final ball of the innings. Skipper Rohit Sharma (23 off 11) was happy to lose the toss at the Sir Vivian Richards Stadium and alongside Kohli (37 off 28), was able to play his shots from the get go unlike the earlier games. Bangladesh started with spinners from both ends, an interesting move against the two right-handers. After three fours and a six, Rohit made room to deposit Shakib Al Hasan over extra cover but ended up mistiming it to be caught. Kohli too meant business with the pick of his shots being the 94m six off Mustafizur Rahman to the cow corner region. He then welcomed leggie Rishad Hossain with a straight six before getting foxed by a slow off-cutter from pacer Tanzim Hasan. Two balls later, the pacer got a delivery to jump off the length, kissing Suyakumar Yadav's gloves for a double strike in the over, leaving India at 83 for three in 10 overs. Rishabh Pant (36 off 24) then brought the momentum back in India's favour by collecting two fours and a six over deep midwicket off Mustafizur who had a rare off day. In the next over, Pant took the attack to Rishad before falling to the reverse sweep for the second consecutive innings. Dube and Hardik then shared a 53-run stand to take the innings forward. Hardik ended up with four boundaries and three sixes while Dube targeted the deep midwicket boundary against the spinners with success, besides hitting Tanzim down the ground for a maximum.

The ministry of health and family welfare today decided to postpone the NEET-PG Entrance Examination, which was scheduled to be held tomorrow. The ministry said that they will notify the fresh fare at the earliest. The decision, the ministry said that been taken twking into consideration, the recent incidents of allegations regarding the integrity of certain competitive examinations.“Ministry of Health has decided to undertake a thorough assessment of the robustness of processes of NEET-PG Entrance Examination, conducted by National Board of Examination for medical students. It has accordingly been decided, as a precautionary measure to postpone the NEET-PG Entrance Examination, scheduled to be held tomorrow i.e. 23rd June, 2024.,” it said, adding that flesh date of this examination will be notified at the earliest.The ministry said that the decision has been taken in the best interests of the students and to maintain the sanctity of examination process.

The markets consolidated throughout the past week; the week was a shortened one with Monday, June 17, being a holiday on account of Bakri Eid. The past five sessions saw the markets staying in a capped range throughout the day. Even when the Nifty kept marking incremental highs, the intraday trend remained practically absent. The volatility also did not change much as compared to last week. The India Vix inched higher by just 2.79% to 13.18 on a weekly basis. The weekly trading range for the Nifty too remained much capped. The index oscillated in just 268.90 points range before posting a negligible weekly gain of 35.50 points (+0.15%).The coming week is an expiry week for the monthly derivative series. Besides this, over the past sessions, the markets are exhibiting clear signs of fatigue. It has frequently formed weak candles on the daily chart raising possibilities of it taking a breather and showing some measured corrective retracement. Going by the derivatives data as well, Nifty might face strong resistance in the 23,600-23,650 zone. 111191411This would mean that even if modest upsides are seen, a sustained and trending up move cannot be expected unless the zone of 23,600-23,650 is taken out convincingly. Therefore, all moves on the upsideshould be used for guarding profits at higher levels.A quiet start to the trade is expected on Monday; the levels of 23,650 and 23,790 may act as resistance points for Nifty. The supports come in at 23,300 and 23,180 levels. The weekly RSI is at 68.54; it continues to show bearish divergence against the price as it is not marking fresh highs along with the price. The weekly MACD is bullish and stays above the signal line. A spinning top has emerged on the candles. This not only reflects the indecisiveness of market participants but such formations also have the potential to stalling an ongoing uptrend if they are formed near the high point.The pattern analysis shows the Nifty trying to break above the small rising channel that it has formed. However, the Index is seen forming incremental highs but it is unable to achieve a clean breakout. Unless the zone of 23,600-23,650 is taken out convincingly, the markets may find it difficult to have a sustained and trending up move.All and all, the current technical setup shows a lot of indecisiveness, discomfort, and tentativeness of market participants. The present structure warrants that we do not chase the up-moves blindly; instead, unless a trending move takes place, we utilize these moves to guard profits at higher levels. It would be prudent to protect and take profits in the stocks that have run up too hard and rotate the investments into the stocks that are showing promising chart setup along with improving relative strength.While keeping leveraged exposures at modest levels, it is recommended to rotate the investments effectively while maintaining a cautious view on the markets for the coming week.In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.111191416111191421Relative Rotation Graphs (RRG) show that the Nifty Metal Index is giving up on its relative momentum while staying inside the leading quadrant. Besides this, the Realty, consumption, auto, and midcap 100 indices are also inside the leading quadrant. Collectively, these groups may relatively outperform the broader markets. The Nifty Infrastructure, PSE, PSU Banks, Energy, and Commodities Index stay inside the weakening quadrant.The Nifty Pharma index has entered the lagging quadrant. Besides this, the services sector Index and IT Index are also inside the lagging quadrant. Services Sector Index appears weaker; however, the IT and the Pharma Index are seen improving their relative momentum against the broader markets.Bank Nifty, Nifty Media, Financial Services, and FMCG indices are placed inside the improving quadrant. (Important Note: RRGTM charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.)(The author, CMT, MSTA, is a Consulting Technical Analyst and founder ofEquityResearch.asia and ChartWizard.ae.)