India’s Prime Minister Narendra Modi declared victory late on Tuesday, securing a historic third term.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribewas the worst-performing stock on the S&P 500, plunging almost 13% on disappointing guidance. The yield on the 10-yearIndia's Prime Minister Narendra Modi declared victory late on Tuesday, but in a shock loss, his party fell short of an outright majority.
— and is projected to become the world's third-biggest economy by the end of the decade, this growth has not translated intoStateside, economic numbers may tell one story, but the reality on the ground can be different. As Americans head to the polls in November, President Joe Biden's handling of the economy has come under scrutiny. More than half offrom the Labor Department, ahead of Friday's crucial nonfarm payrolls report, showed 8.
While investors want to see some weakness in the labor market, which could convince the Fed to cut interest rates, they are also concerned that it could tip the economy into a recession."We've gone from globalization to deglobalization. Onshoring is expensive, tariffs on foreign goods are expensive, and you have a massive energy transition away from fossil fuels — that's expensive," he told CNBC.
"Beyond the money spent for Covid, you have the American Rescue Act, the Inflation Reduction Act, and the Infrastructure Act, which have added $4 trillion-plus of potential spending. So you have restrictive monetary policy being blunted by these forces."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.
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