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June 1, 2025

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Over the past five sessions, the Indian equity markets headed nowhere and continued consolidating in a defined range. In the previous weekly note, it was categorically expected that the markets might stay devoid of any directional bias unless they either take out the upper edge or violate the lower edge of the consolidation zone. In line with the analysis, the Nifty oscillated in a 401.90-point range over the past five days. The volatility also retraced; the India Vix came off by 6.95% to 16.08 on a weekly basis. While staying absolutely range-bound, the headline index Nifty 50 closed with a minor weekly loss of 102.45 points (-0.41%).

As we step into the new week, the markets find themselves in a defined trading range, more toward the edge of the pattern support on the weekly chart. The Nifty appears to continue being in a well-defined trading range between 25100 and 24500 levels. This also implies that a directional trend would emerge only if the Nifty takes out 25100 convincingly or ends up violating the 24500 level. Unless either of these two things happens, the markets will remain devoid of directional bias and will continue staying in this defined range. The present technical structure makes it even more important to maintain a steadfast focus on protecting profits at higher levels and the rotation of sectors where a likely leadership change is visible.

The coming week is expected to see the levels of 25000 and 25175 acting as resistance points. The supports come in at 24500 and 24380 levels.

The weekly RSI is at 59.02; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line.

The pattern analysis shows that after forming the most recent swing high at 25116, the Nifty has resisted this level for two subsequent weeks. This makes the level of 25100-25150 an important hurdle for the Nifty. Secondly, the Index has closed just at the support of an upward rising trendline; if this gets violated, the markets may see some more corrective retracement. Overall, the zone of 24500-24600 remains a crucial support area for the markets.

While the Nifty stays in the 25100-24500 zone and consolidates, focusing on protecting profits at higher levels would be wise. While the market keeps its underlying trend intact, it continues to remain prone to some extended corrective retracement until the levels of 25100 are taken out on the upside convincingly. During this phase, it makes more sense to keep leveraged exposures at modest levels and stay highly selective in making fresh purchases. While limiting the purchases to favorably rotating sectors, a cautious outlook is recommended for the coming week.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks. 

Relative Rotation Graphs (RRG) show that the Nifty PSU Bank Index is the only Index inside the leading quadrant that continues to improve its relative momentum against the broader markets. The other sectors present inside the leading quadrant are PSE, Infrastructure, Consumption, and FMCG, and these groups show continued paring of relative momentum against the broader markets.

The Nifty Commodities and the Nifty Bank Index have rolled inside the weakening quadrant. The Financial Services and the Services sector Indices are also inside the weakening quadrant.

The Nifty Metal Index has rolled inside the lagging quadrant. It is likely to relatively underperform along with the Pharma Index which also continues to languish inside this quadrant. The IT Index is also inside the lagging quadrant, but is seen sharply improving its relative momentum against the broader markets.

The Realty, Media, Energy, Midcap 100, and Auto Indices are inside the improving quadrant. They are likely to continue improving their relative performance against the broader Nifty 500 Index.


Important Note: RRG 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.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

The gold price saw peaks and troughs this week.

After rising to almost US$3,350 per ounce on Monday (May 26), the yellow metal took a dive, dropping just below the US$3,260 level on May 28 (Wednesday). It was back on the rise the next day, hitting US$3,324.

Trade tensions were in focus throughout the period.

Concerns lessened early in the week, when US President Donald Trump said he would delay raising tariffs on the EU, but uncertainty ratcheted back up on Wednesday (May 28), when an American trade court issued a ruling that blocked most of his tariffs put in place by his administration.

“It is not for unelected judges to decide how to properly address a national emergency” — Kush Desai, White House spokesperson

The decision prompted a flurry of activity and backlash from Trump and his supporters, with a federal appeals court ultimately reinstating the tariffs on May 29 (Thursday).

The turmoil was beneficial for gold, as was news that the US economy shrank by 0.2 percent annually in Q1. The GDP estimate is the second of three from the Bureau of Economic Analysis, and comes in lower than the first calculation of a 0.3 percent contraction.

Bullet briefing — Glencore restructures, Anglo completes spinoff

Glencore restructuring move sparks M&A talk

Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has quietly moved billions worth of global coal and ferroalloys assets into an Australian subsidiary.

The Australian Financial Review was the first to report the news, and it’s already sparked speculation about renewed M&A talks between Glencore and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). The two major companies reportedly engaged in discussions last year, but in the end did not move forward.

With this restructuring from Glencore and Rio Tinto’s CEO due to step down later this year, market watchers see potential for a deal to be done.

Anglo American spins off Valterra Platinum

Anglo American (LSE:AAL,OTCQX:AAUKF) made headlines elsewhere this week as the firm finished demerging its platinum-group metals unit, Valterra Platinum (JSE:VAL).

Valterra, formerly Anglo American Platinum, began trading on the Johannesburg Stock Exchange on May 28, and will have a secondary listing in London as of June 2.

Anglo made the decision to spin off Valterra after heading off a US$49 billion takeover bid from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year. The company embarked on a restructuring plan that will see it hone in on copper and iron ore.

Interestingly, Valterra’s debut comes alongside a platinum price boost. The metal recently broke out to its highest level in about two years, nearly reaching US$1,100 per ounce.

Edward Sterck of the World Platinum Investment Council believes it’s too soon to tell whether the rise is sustainable, but he does see a ‘perfect storm’ brewing for platinum.

Here’s how he explained it:

I think platinum’s fundamentals are just highly attractive at the moment. You’ve got really constrained supply, you’ve got demand that is actually beginning to show some real signs of growth, driven principally by an inflection in jewelry demand and by ongoing growth in investment demand.

And so given those things are resulting in these really significant deficits — this is the third year of almost a million ounces of deficit out of an 8 million ounce market — those are just rapidly depleting those aboveground stocks … this has all generally come together as a perfect storm. We are seeing that tightness in the market, and I feel quietly optimistic that we’re going to see that long-awaited price response come through.

Watch the full interview for a more in-depth look at supply and demand dynamics for platinum.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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U.S. Secretary of Defense Pete Hegseth issued a stark warning Saturday at the Shangri-La Dialogue security conference in Singapore: China’s military is ‘rehearsing for the real deal,’ and a full-scale invasion of Taiwan ‘could be imminent.’

‘We are not going to sugarcoat it – the threat China poses is real,’ he added.

Beijing swiftly rejected the allegation. Rear Admiral Hu Gangfeng, head of the Chinese delegation and vice president of China’s National Defense University, called the remarks ‘groundless accusations,’ stating that ‘some of the claims are completely fabricated, some distort facts and some are cases of a thief crying ‘stop thief.’’ Despite such denials, a growing body of evidence suggests China may indeed be preparing for a military move against Taiwan.

Numerous indicators draw this conclusion. Here are nine:

1. China has intensified its joint sea and air exercises surrounding Taiwan, including rehearsals simulating blockades, encirclements, and amphibious assaults. These drills closely mirror operational strategies that would likely be employed in an actual invasion and are widely interpreted by analysts as concrete signals of Beijing’s willingness to use force.

2. The Peoples’ Liberation Army (PLA) has positioned H-6 bombers, capable of delivering nuclear payloads, on outposts such as Woody Island in the South China Sea. These platforms significantly extend China’s strike capability and serve as strategic messaging to both Taipei and Washington.

3. China continues to conduct gray-zone operations aka non-kinetic forms of coercion, including cyberattacks on Taiwan’s infrastructure, disinformation campaigns, and illegal incursions by maritime militia vessels. Though these actions fall below the threshold of open warfare, they are designed to wear down Taiwan’s defenses and destabilize the region. 

4. According to U.S. intelligence assessments, Chinese President Xi Jinping has instructed the PLA to be capable of launching an invasion of Taiwan by 2027. While not a confirmed deadline for action, it has catalyzed PLA modernization, emphasizing joint force integration and amphibious readiness. 

5. China’s strategic expansion in Latin America – especially through Belt and Road investments and attempts to influence key nodes such as the Panama Canal reflect broader ambitions to project global power and encircle U.S. interests. These moves indirectly support Taiwan-related ambitions by distracting or overextending U.S. response capabilities.

6. Recent PLA exercises have incorporated civilian ferries capable of transporting tanks and personnel—suggesting preparations for amphibious operations on Taiwan’s shores. The dual-use nature of these assets allows China to mask military buildup under the guise of civilian activity.

7. Beijing has intensified its political narrative around ‘reunification,’ including state media coverage, educational reforms, and speeches by top Chinese officials. These ideological signals often precede military action in authoritarian regimes.

8, China has rapidly expanded its coastal infrastructure, including new docks, airstrips, and logistics hubs in Fujian Province—directly across the Taiwan Strait. Satellite imagery suggests these assets are optimized for a cross-strait operation.

9. Chinese fighter jets and warships have entered Taiwan’s Air Defense Identification Zone (ADIZ) at unprecedented levels. In early 2025 alone, PLA aircraft breached Taiwan’s ADIZ over 1,200 times, prompting elevated readiness levels in Taipei.

The question of whether China will invade Taiwan is no longer hypothetical but a matter of timing and risk calculus. While Beijing continues to deny aggressive intent, the evidence suggests a sustained and deliberate military buildup with the intent to compel reunification—if not peacefully, then by force. 

Hegseth’s warning reflects not alarmism, but a sober assessment of escalating realities. These indicators—military drills, strategic deployments, political rhetoric, and infrastructure mobilization—align with historical precedents for pre-invasion posturing.

The international community must take this threat seriously. Strengthening deterrence, improving intelligence sharing, and reinforcing Taiwan’s self-defense capabilities are critical to avoiding a regional catastrophe. For the United States and its allies, readiness is no longer optional—it is a strategic imperative.

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Iran angrily lashed out at Austria’s government Friday after Fox News Digital reported on a document asserting that Tehran has developed an advanced nuclear weapons program that can launch long-range missiles. 

The explosive report from Austria’s version of the FBI—the Directorate State Protection and Intelligence Service—provides a specialized window into the Iranian regime’s illicit atomic weapons program and its espionage activities in the central European country.

Fox News Digital was the first news organization to report on the Iran sections of the report on Wednesday, sparking a major diplomatic row between the Islamic Republic and Austria.

‘The Iranian nuclear weapons development program is well advanced, and Iran possesses a growing arsenal of ballistic missiles capable of delivering nuclear warheads over long distances,’ the Austrian domestic intelligence agency report stated.

Iran’s Foreign Ministry spokesperson, Esmail Baqaei, denounced the Austrian intelligence agency ‘for spreading lies,’ and called on the Austrian government to ‘provide an official explanation regarding the irresponsible, provocative, and destructive act by one of its official institutions,’ according to the Ministry’s website.

Tehran-based Austrian diplomat Michaela Pacher was summoned to the Iranian foreign ministry, according to the Austrian Federal Ministry for European and International Affairs.

‘[Pacher] took this opportunity to reiterate Austria’s and the EU’s position on the Iranian nuclear program,’ Austrian officials said in a statement. ‘This position was most recently expressed to the Board of Governors of the International Atomic Energy Agency.’

Austria expressed support for an EU statement along with other countries in March.

‘Iran already accumulated more than six significant quantities of 60% enriched material [which the Agency defines as the approximate amount of nuclear material for which the possibility of manufacturing a nuclear explosive device cannot be excluded] and is currently producing one significant quantity of highly enriched uranium every month,’ noted the EU statement.

The EU statement added that ‘All these actions carry very significant proliferation-related risks and raise grave concerns about Iran’s intentions, since they have no credible civilian justification. In this context, the EU remains concerned by statements made by Iranian officials about Iran’s capacity to assemble a nuclear weapon.’

The shocking Austrian intelligence findings contradict the assessment of U.S. intelligence agencies that Iran has yet to begin a weapons program, but has ‘undertaken activities that better position it to produce a nuclear device, if it chooses to do so.’ There have long been conflicting views (between U.S. intelligence agencies and European intelligence services) over Iran’s illegal nuclear weapons program.

The U.S. Office of the Director of National Intelligence declined to comment on the Austrian report.

‘President Trump is committed to Iran never obtaining a nuclear weapon or the capacity to build one,’ a White House official said.

The Austrian report coincides with a new International Atomic Energy Agency (IAEA) report. The AP reported on Saturday that Iran has further increased its stockpile of uranium enriched to near weapons-grade levels, a confidential report by the UN nuclear watchdog said Saturday and called on Tehran to urgently change course and comply with the agency’s probe.

The report comes at a sensitive time as Tehran and Washington have been holding several rounds of talks in the past weeks over a possible nuclear deal that U.S. President Donald Trump is trying to reach.

The report by the Vienna-based International Atomic Energy Agency says that as of May 17, Iran has amassed 408.6 kilograms (900.8 pounds) of uranium enriched up to 60%.

That material is a short, technical step away from weapons-grade levels of 90%. A report in February put the stockpile at 274.8 kilograms (605.8 pounds).

The IAEA report raised a stern warning, saying that Iran is now ‘the only non-nuclear-weapon state to produce such material’ — something the agency said was of ‘serious concern.’

In February, Fox News Digital reported that the IAEA said Iran has sufficient enriched uranium to manufacture six nuclear weapons.

‘The Islamic Republic is the standard-bearer of deception and stonewalling. Today’s damning IAEA reports confirm how Iran has been in violation of the NPT [Nuclear Non-Proliferation Treaty] for years, even when the JCPOA [Joint Comprehensive Plan of Action] was in effect. It shows the regime cannot be trusted with any diplomatic agreement,’ said Jason Brodsky, the policy director of United Against Nuclear Iran (UANI).

The JCPOA is the formal name for the Iran nuclear deal that was concluded between the Obama administration and Iran. President Trump withdrew from the JCPOA in 2018 because, his administration said at the time, the deal did not prevent Iran from building nuclear weapons.

‘I think Iran’s regime’s response to Austria’s findings shows its sensitivity over these matters,’ Brodsky said. ‘It also wants to bully Austria. Austria should force the Iranian regime to decrease the size of its embassy in Vienna which it has long used as a hub for malign intelligence collection and operations throughout Europe.’

The clerical regime’s foreign minister, Seyed Abbas Araghchi, posted on his X account a statement in response to the Fox News Digital report.

‘Media is speculating about an imminent Iran-U.S. deal. Not sure if we are there yet,’ he wrote. ‘Iran is sincere about a diplomatic solution that will serve the interests of all sides.

‘But getting there requires an agreement that will fully terminate all sanctions and uphold Iran’s nuclear rights—including enrichment. Path to a deal goes through the negotiating table and not the media.’

The U.S. talks to dismantle Iran’s illicit atomic weapons program coincides with a nationwide truckers’ strike in Iran. The widespread labor unrest could severely weaken the regime, according to Iran experts.

The exiled crown prince of Iran, Reza Pahlavi, who lives in the U.S, called on U.S. labor unions to stand with Iranian truckers.

 ‘Truck drivers and workers across Iran are on strike and are putting their lives on the line to fight for their rights and for a better future for their families,’ Pahlavi, who lives in the U.S, wrote on X. ‘Now, they are being jailed and threatened for posting photos and videos of their strike. Only in a free Iran will all workers have the right to freely and openly organize. I invite you, labor unions and leaders, to stand with your fellow workers in Iran and show your solidarity.’

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Hamas has agreed to release 10 living hostages and return the bodies of 18 more, but the terms of the proposed deal have been deemed unacceptable by the U.S. and Israel.

The group, which has been on the State Department’s list of Foreign Terrorist Organizations since 1997, made the announcement in a statement Saturday and said it was being done on the condition that a number of Palestinian prisoners be returned in exchange as part of a means to achieve a permanent ceasefire.

Israeli media reported that Hamas added new demands to the proposal from U.S. Special Envoy Steve Witkoff, including a permanent ceasefire, complete Israeli withdrawal from Gaza and unrestricted humanitarian aid flow into the strip.

Witkoff’s proposal did not include a full withdrawal or a ceasefire, the Jerusalem Post reported, and that Hamas added terms of its own.

In a statement posted to X on Saturday, Witkoff called Hamas’ response to the American proposal ‘totally unacceptable’ and warned it ‘only takes us backward.’ He urged the group to accept the original framework in order to begin proximity talks as early as next week, which could pave the way for a 60-day ceasefire and the return of both living and deceased hostages.

In a statement before Witkoff’s response, Hamas wrote: ‘After conducting a round of national consultations, and based on our immense sense of responsibility towards our people and their suffering, the Islamic Resistance Movement (Hamas) today submitted its response to US Special Envoy Steve Witkoff’s latest proposal to the mediating parties. 

‘This proposal aims to achieve a permanent ceasefire, a comprehensive withdrawal from the Gaza Strip, and ensure the flow of aid to our people and our families in the Gaza Strip.’

Reacting to the announcement, the Israeli Prime Minister’s Office said in a statement that while Israel had agreed to the updated Witkoff framework, ‘Hamas continues to cling to its refusal.’ The office emphasized that Israel remains committed to bringing its hostages home and defeating Hamas, citing Witkoff’s remarks as confirmation that Hamas’ latest stance undermines progress.

Hamas is holding 58 hostages in Gaza. Of these, Israeli intelligence assesses that at least 34 are deceased, leaving approximately 24 believed to be alive. More than 250 people were captured during the Hamas terror attacks on southern Israel on Oct. 7, 2023. 

The latest proposal being negotiated involves the release of 10 living hostages and a number of bodies during a 60-day pause in exchange for more than 1,100 Palestinians imprisoned by Israel, including 100 serving long sentences after being convicted of deadly attacks, The Associated Press reported Friday, citing a Hamas official and an Egyptian official speaking on condition of anonymity.

U.S. negotiators had not publicized the terms of the proposal.

Witkoff’s office reiterated on social media that the proposed deal could allow ‘half of the living hostages and half of those who are deceased’ to return to their families if Hamas agrees to enter talks under the current terms. 

The statement stressed that the window to finalize the deal is narrowing, and that major negotiations could begin ‘in good faith’ within days if Hamas accepts.

‘As stated by the U.S. President’s special envoy to the Middle East, Steve Witkoff: Hamas’ response is unacceptable and sets the situation back,’ the Prime Minister’s Office said.

President Donald Trump said Friday that negotiators were nearing a deal.

‘They’re very close to an agreement on Gaza, and we’ll let you know about it during the day or maybe tomorrow,’ Trump told reporters in Washington. Late in the evening, asked if he was confident Hamas would approve the deal, he told reporters: ‘They’re in a big mess. I think they want to get out of it.’

Deep differences between Hamas and Israel have stymied previous attempts to restore a ceasefire that broke down in March.

Israel has insisted that Hamas disarm completely, be dismantled as a military and governing force and return all hostages still held in Gaza before it agrees to end the war. Hamas has rejected the demand to give up its weapons and says Israel must pull its troops out of Gaza and commit to ending the war.

The Associated Press and Reuters contributed to this report.

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The White House on Saturday said it is in Iran’s ‘best interest to accept’ its proposal on a nuclear deal following a report from the International Atomic Energy Agency saying the country is swiftly increasing its stockpile of near weapons-grade enriched uranium. 

‘President Trump has made it clear that Iran can never obtain a nuclear bomb,’ White House press secretary Karoline Leavitt said in a statement. ‘Special Envoy [Steve] Witkoff has sent a detailed and acceptable proposal to the Iranian regime, and it’s in their best interest to accept it. Out of respect for the ongoing deal, the administration will not comment on details of the proposal to the media.’ 

The IAEA’s report said Iran had increased its stockpile to 900.8 pounds of uranium enriched by up to 60% as of May 17, a nearly 50% increase since the agency’s last report in February, which put the stockpile at 605.8 pounds. 

The report said Iran is ‘the only non-nuclear-weapon state to produce such material,’ which is a ‘serious concern.’

The IAEA added that just 92 pounds of 60% enriched uranium is enough to produce an atomic bomb if it is enriched to 90%. 

Iran maintains that its nuclear program is for peaceful purposes, but U.S. intelligence agencies say the country has ‘undertaken activities that better position it to produce a nuclear device, if it chooses to do so.’

Iran’s Foreign Ministry and the Atomic Energy Organization of Iran said in a joint statement that the report was based on ‘unreliable and differing information sources,’ claiming that it was biased and unprofessional. 

The statement added, ‘The Islamic Republic of Iran expresses its disappointment about the report, which was prepared by imposing pressure on the agency for political purposes, and expresses its obvious objection about its content.’

On Thursday, Iran Foreign Minister Abbas Araghchi wrote on X that he was unsure a U.S.-Iran nuclear deal could be imminently reached.

‘Iran is sincere about a diplomatic solution that will serve the interests of all sides. But getting there requires an agreement that will fully terminate all sanctions and uphold Iran’s nuclear rights — including enrichment,’ he wrote. 

Oman Foreign Minister Badr al-Busaidi presented the Trump administration’s first formal proposal in Tehran Saturday, which calls for Iran to cease all uranium enrichment and for a regional consortium that includes Iran, Saudi Arabia and other Arab states and the U.S. for producing nuclear power, The New York Times reported, citing people familiar with the document. 

Israeli Prime Minister Benjamin Netanyahu’s office also put out a rare statement on a Saturday about the IAEA’s report, calling it ‘grave.’

‘The agency presents a stark picture that serves as a clear warning sign: Despite countless warnings by the international community, Iran is totally determined to complete its nuclear weapons program,’ Netanyahu’s office said. 

‘The report strongly reinforces what Israel has been saying for years — the purpose of Iran’s nuclear program is not peaceful. This is evident from the alarming scope of Iran’s uranium enrichment activity. Such a level of enrichment exists only in countries actively pursuing nuclear weapons and has no civilian justification whatsoever.

‘The report clearly indicates that Iran remains in non-compliance of its fundamental commitments and obligations under the Non-Proliferation Treaty (NPT) and continues to withhold cooperation from IAEA inspectors. The international community must act now to stop Iran.’

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President Donald Trump on Saturday warned Sen. Rand Paul, R-Ky., he would be ‘playing right into the hands of the Democrats’ if he votes against Trump’s ‘Big, Beautiful Bill.’ 

‘If Senator Rand Paul votes against our Great, Big, Beautiful Bill, he is voting for, along with the Radical Left Democrats, a 68% Tax Increase and, perhaps even more importantly, a first time ever default on U.S. Debt,’ Trump wrote on Truth Social Saturday afternoon. 

‘Rand will be playing right into the hands of the Democrats, and the GREAT people of Kentucky will never forgive him! The GROWTH we are experiencing, plus some cost cutting later on, will solve ALL problems. America will be greater than ever before!’

Paul told ‘Fox News Sunday’ last weekend he supports the tax and spending cuts in the bill, which he still slammed as ‘wimpy and anemic, but I still would support the bill, even with wimpy and anemic cuts if they weren’t going to explode the debt. The problem is the math doesn’t add up. They’re going to explode the debt by, the House says, $4 trillion. The Senate’s actually been talking about exploding the debt $5 trillion.’ 

The bill narrowly passed the House May 22 and will soon be voted on in the Senate, where Republicans can only afford to lose three votes. 

Others, like Sen. Ron Johnson, R-Wis., have also expressed concerns about the bill. 

Last weekend, Trump told reporters he was open to changes in the bill.

‘I want the Senate and the senators to make the changes they want,’ he said. ‘It will go back to the House, and we’ll see if we can get them. In some cases, the changes may be something I’d agree with, to be honest.’ 

Along with tax cuts, the One Big Beautiful Bill Act also includes stricter requirements for accessing Medicaid, changes to the Supplemental Nutrition Assistance Program (SNAP) program and no taxes on overtime or tips. 

Democrats have slammed the Medicaid reform section of the bill, mentioning possible cuts as a driving issue ahead of competitive midterm elections in 2026. 

The Congressional Budget Office (CBO), a nonpartisan analyst for the U.S. Congress, estimates that 8.6 million people in the United States will lose health insurance by 2034 through the One Big Beautiful Bill Act’s Medicaid reform. 

‘The Democrats have been focusing on this specific line of attack that 13.7 million Americans are going to lose their health care, and that’s just blatantly false,’ Rep. Erin Houchin, R-Ind., told Fox News Digital in an exclusive interview this week. 

‘Five million of those people are receiving a tax credit under the Affordable Care Act that was passed by the Democrats with a sunset date that was implemented by the Democrats. We’re simply allowing the sunset date to expire as the Democrats originally intended,’ Houchin said. 

CBO estimates that 13.7 million Americans will lose coverage by 2034, which also includes the 5 million Americans who were already about to lose coverage. A number of Democrats have already deployed the figure in campaign messages rejecting Trump’s bill passing in the House.

‘I don’t trust the CBO score, nor should the American people, because it’s been proven again and again to be wildly off,’ added Houchin, who served on three major committees leading budget markup, including the House Rules, Budget and Energy and Commerce committees. 

Fox News’ Deirdre Heavey contributed to this report.

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