New Delhi, July 9 -- It bellwether Tata Consultancy Services (TCS) is set to report its April-June quarter (Q1) earnings of the current financial year on Thursday, July 10.

Against the backdrop of the ongoing trade war-sparked by US President Donald Trump's tariff policies-muted discretionary spending by clients in key North American markets and rapid business transformation driven by artificial intelligence (AI) are weighing on sentiment. In this environment, investors are likely to focus more on management commentary than on the headline numbers from the previous quarter.

Experts expect management commentary on near-term demand trends, client discretionary spending, the pace of ramp-up in existing deals, key deal wins, and margin guid...