Global Markets: Modi to retain power, but short of majority

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• Early election results out of India show Prime Minister Narendra Modi on track for a narrow victory, although Modi’s own Bharatiya Janata Party (BJP) was so far falling short of holding a majority in the 543-seat parliament and may need to rely on allies to form government. Modi’s Hindu nationalist BJP first gained power in 2014.

• A Chinese lunar spacecraft that landed on the far side the moon on Sunday has successfully started its return trip bringing samples back to Earth. The Chang’e-6 probe reportedly planted a Chinese flag on the moon for the first time and marks a major step in China’s plans to put a person on the moon by the end of the decade.

• Crude oil prices fell sharply on Monday amid uncertainty over OPEC+ supply increases in the face of declining demand projections. The Organization of the Petroleum Exporting Countries and its allies agreed to extend output cuts through 2025 in a meeting on Sunday, but also left room for members to begin gradually unwinding those cuts.

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