Indian elections went wrong [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

Shocker! The exit polls were completely wrong in predicting the outcome of the Indian election. Not only that Narendra Modi’s BJP couldn’t secure a landslide victory in the latest elections – as it was suggested by Monday’s polls, but it couldn’t even win enough seats to secure a majority in the parliament. The Nifty 50 fell nearly 6% from a record and remains under pressure this morning while the Indian rupee depreciated as fast as it had jumped on Monday.

In the US, the JOLTS data from the US showed that job openings in the US fell to around 8 mio jobs in April. The softer-than-expected figure boosted appetite in US treasuries and increased the probability of seeing the first Federal Reserve (Fed) cut in September. US treasuries rallies, US crude consolidated near 4-month lows, the S&P500 eked out small gains, Nvidia hit a record.

Today, the ADP report is expected to print around 173K new private job additions to the US economy last month, and the Bank of Canada (BoC) is expected to announce a 25bp rate cut.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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