Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Israel Hits Iran, Global Tensions Soar

Tehran woke up to airstrikes as Israel launched a surprise assault targeting suspected nuclear and military sites. While exact targets weren’t confirmed, smoke was seen in western Tehran. Defense Minister Israel Katz declared a nationwide emergency and closed schools.

This strike follows the UN nuclear watchdog censuring Iran for the first time in 20 years. Iran retaliated with plans to expand uranium enrichment. President Trump, seen mingling on the White House lawn during the strike, later admitted advising Israel to wait, citing ongoing negotiations. Brent crude prices jumped over 2%, reflecting market fears of a wider conflict.

Markets Bleed: ₹6 Lakh Cr Wiped Out

Thursday was brutal for Indian markets. Sensex tanked 823 points, Nifty lost 253, and midcaps & smallcaps dropped over 1.3%. The total hit to investor wealth? A whopping ₹6 lakh crore.

What triggered it?

1. Middle East tensions
   

2. Confusion over the US-China trade deal
   

3. Global growth fears (World Bank slashed forecasts)
   

4. Rate cut doubts due to tariff turmoil
   

5. Overstretched market valuations
   

Analysts warn of more volatility ahead.

EU Puts India in Steel Trouble

India just got downgraded in the EU’s steel export game. From July 1, Indian steelmakers will compete in a “pooled quota” with countries like China and Vietnam for key product categories. Exceed the 12,500-tonne limit—and a 25% tariff kicks in.

Meanwhile, countries like the UK, South Korea, and Türkiye get exclusive duty-free quotas. With India’s $1.83B worth of steel exports to the EU at stake—and FTA talks nearing the finish line—this move could become a crucial pressure point.

India’s New Eye in the Sky

India is setting up its first satellite constellation to monitor space-based threats. The ₹150 crore-a-year project will track foreign satellites potentially spying on India. It will build on ISRO’s “Netra” program but go further with real-time surveillance.

The mission is being led by Bengaluru-based startup Digantara—marking India’s biggest private space defence contract yet. The system will be operational by 2026, signalling India’s growing focus on space-based national security.

US Cancels Parole, Orders Mass Deportation

In a major immigration policy reversal, the US has begun terminating the legal status of thousands under the CHNV parole program (for Cuba, Haiti, Nicaragua, and Venezuela). Work permits are revoked immediately.

This comes after a Supreme Court decision greenlit the rollback. DHS claims the program lacked vetting and hurt American workers, echoing Trump’s “America First” line. But critics say it punishes law-abiding migrants who followed all protocols.

Industries like construction and healthcare—already stretched—could face staffing crises.