-- India’s stocks market plummeted, erasing nearly $35 billion in market value, as tallies signaled that Prime Minister Narendra Modi’s ruling party was struggling to win a majority of seats in national elections, a stunning result after exit polls showed he was on pace for a landslide victory.Krugman Says China Is ‘Bizarrely Unwilling’ to Boost Demand
More than 20 opposition parties, spearheaded by Rahul Gandhi, formed a united front called the Indian National Developmental Inclusive Alliance in a bid to defeat Modi. A mixture of regional and caste-based groups, the alliance focused on appealing to voters who felt left out of India’s growth story, which has been marked by growing inequality, pervasive joblessness, rising living costs and growing demand for welfare support. It was on course to win more than 180 seats.
“We were against a lot of cynicism,” said Salman Khurshid, speaking to deKoder, an online news channel. “Our own reading on the ground was that something like this will happen or something better than this will happen.” “I still think the policy direction of Modi will likely stay, which should support India’s economy in the longer term,” said Dong Chen, chief Asia strategist at Banque Pictet. “The valuations are expensive but we will be watching for any correction closely as it may create some entry opportunities.”
Recent data hasn't been supporting the case for the US economy to once again surprise Wall Street to the upside in 2024.Canadian manufacturing activity slowed in May, adding to a record-setting period of contraction for the sector, as output and new orders fell at a faster pace and firms reduced their buying activity, data showed on Monday. The S&P Global Canada Manufacturing Purchasing Managers' Index edged down to a seasonally adjusted 49.3 in May from 49.