Indian Prime Minister Narendra Modi gestures when arriving at the headquarters of the Bharatiya Janata Party (BJP) in New Delhi, India, on June 4, 2024.
Adnan Abidi | Reuters
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Wall Street barely profits
this Dow Jones Industrial Average Stocks rose after weaker-than-expected employment data raised the possibility of a rate cut. this S&P 500 Index A slight increase of 0.15% Nasdaq Index Performance improved slightly, rising 0.17%. Bath and body care services It was the worst-performing stock in the S&P 500, plunging nearly 13% on disappointing guidance. 10-Year Treasury Bond Yield Ministry of Finance slipped 7 basis points. US oil prices Dropped more than 1% OPEC+ announces plans Gradually cancel production cuts.
Modi declares victory in tight race
Indian Prime Minister Narendra Modi declared victory late on Tuesday, but shockingly his party failed to secure an outright majority. Counting completed It showed Modi’s ruling Bharatiya Janata Party won just 240 seats, down from 303 in 2019, and needs a power-sharing deal for a third term. The BJP-led National Democratic Alliance will win 294 seats, of which 272 will be needed to form the government. Modi said on
Roar Katie’s Fortune
Keith Gill, meme stock advocate game stationhis wealth soared from $53,000 to over $289 million in the past five years. Monday, Jill Shared a screenshot of his portfolio, showing that he earned on paper a whopping $79 million in a single trading day. With his 5 million shares of GameStop stock, if he exercises his 120,000 call options at $20 per share, he will receive an additional 12 million shares, making him the gaming retailer’s fourth-largest shareholder.
Musk redirects Nvidia chips to X
Elon Musk ordered Nvidia Prioritize shipment of artificial intelligence chips to X and xAI Tesla, According to emails obtained by CNBC. Musk said on an analyst earnings call in April that the electric car maker would increase the number of active Nvidia H100 units from 35,000 to 85,000 by the end of 2024, followed by news on the Spend $10 billion. Musk claims he can make Tesla “a leader in artificial intelligence and robotics.” However, emails show Musk presented an exaggerated picture to Tesla shareholders. Tesla shares fell nearly 1% on Tuesday.
Indian stocks steady, Asian shares mixed
Indian Playful and BSE testing The index moved higher as Modi seeks to win support from allies for his third term in office. The Nifty 50 index and the Sensex index fell 5.93% and 5.74% respectively on Tuesday, marking their worst trading day in 2020. According to All India Market Capitalization Index. Elsewhere, Australia S&P/ASX 200 Index Slightly higher Economic expansion slightly weaker than expected In the first season. Korean Cospi and Hong Kong Hang Seng Stocks were higher, while mainland China’s CSI 300 index fell 0.2% and Japan’s Nikkei 225 Index down 0.9%.
(PRO) Super Rich Cities
Investors and major banks are bullish on emerging markets such as India and South Korea, but wealth managers see a different trend. Dhruba Jyoti Sengupta, CEO of Wrise Private Middle East, pointed out that ultra-high net worth individuals Transfer wealth to a city. He also discussed how individuals with around $10 million typically allocate their investments.
bottom line
Indian Prime Minister Narendra Modi must be wondering where the landslide victory predicted by pollsters went. Nonetheless, Modi declare victory Tuesday night, winning a historic third term. Although The economy has been growing at an astonishing rate — Growth of 7.2% in the 2022/23 financial year – is expected to become the world’s third-largest economy by the end of the decade, but this growth has yet to translate into young people’s workCurrently, the country is battling inflation and promises to double farmers’ incomes have yet to be fulfilled.
CNBC’s Charmaine Jacob has more on economy, stock market reaction and the impact of Indian elections.
In the U.S., economic data may tell a story, but the reality may be different. President Joe Biden’s handling of the economy is under scrutiny as Americans head to the polls in November. More than half American believe that the United States is in economic depressionalthough gross domestic product It has been increasing over the past few years.
It’s an uphill battle to convince voters that the economy is doing well when unemployment is rising. living cost and inflation It’s all daily reality. If retail earnings tell us anything, it’s that consumer are becoming more and more optional.
this Latest employment data Ahead of Friday’s important non-farm payrolls report, data from the U.S. Department of Labor showed that there were 8.059 million job openings in April, the lowest level in more than three years.
While investors hope to see some softening in the labor market, which could persuade the Federal Reserve to cut interest rates, they are also concerned that this could tip the economy into recession.
Vice President of Goldman Sachs Robert Kaplan The Fed’s next move is expected to be a rate cut in September, but stressed several structural Issues that complicate monetary policy.
“We’ve gone from globalization to deglobalization. Onshoring is expensive, tariffs on foreign goods are expensive, and energy has to move away from fossil fuels on a massive scale — that’s expensive,” he told CNBC.
“In addition to funding for the COVID-19 response, there are the American Rescue Act, the Inflation Lowering Act, and the Infrastructure Act, which add more than $4 trillion in potential spending. As a result, restrictive monetary policies have been These forces weaken.
— CNBC’s Charmaine Jacobs, Matt Clinch, Jeff Cox, Pia Singh, Alex Harring, Spencer Kimball, Yun Li, Brian Evans, Jesse Pound, Sophie Kiderlin, Shreyashi Sanyal, Lim Hui Jie and Amala Balakrishner contributed to this report.
About The Author
