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Narendra Modi strengthened his grip on power, pulling India further to the right. Asia equity futures are poised for a drop after U.S. stocks slid on trade concerns. And Donald Trump said Huawei could become part of a trade deal with China. Here are some of the things people in markets are talking about today.

Modi’s Landslide Victory

Narendra Modi won a second term in India. His BJP swept to a larger single-party majority, a margin that surprised observers who expected him to return with a weakened mandate. The PM called the results a rebuke of parties that campaign under the banner of secularism. Still, he pledged to follow the constitution and work with his critics. Indian equities declined and the rupee weakened as investors sold the rally triggered by Modi's second landslide victory.

Trade Tensions Hit Stocks

Asian equity futures suggest a selloff from the U.S. will continue. U.S. stocks tanked as trade concerns fueled the flight to safety. The Dow lost almost 300 points as Beijing continued to assail the Trump administration's moves to curb Chinese companies. The dollar dropped against most G-10 peers, with the yen and Swiss franc benefiting the most. Gold jumped almost 1% and platinum fell. Oil tumbled close 6% in New York and London for its worst day of 2019.

Huawei Dangers

President Trump said a trade agreement with China remains a “good possibility” as he announced the administration's latest farm aid package. He called Huawei “very dangerous,” but said the blacklisted company could be included in any deal. Earlier, the IMF said U.S. companies are paying almost all the costs from the administration's levies, disputing the president's assertions that Beijing is footing the bill. Meanwhile, China blamed Washington for wrecking trade talks and urged it to fix “wrong practices” to resume talks and one of Asia’s best-performing bond managers offloaded his holdings of Huawei debt last week.

May’s Way Out

Theresa May is on her way out — the only question is when. The U.K. prime minister will inform her advisers Friday morning of the day she plans to step down, which the FT said is expected to be the week of June 10. EU elections started Thursday in the U.K., and results won't be known until after the rest of the bloc votes, mainly Sunday.

Australia’s Housing Struggle

Australia's ailing housing market got a triple tonic this week as the central bank flagged interest rate cuts, the banking regulator eased lending criteria and the threat of tax changes that could have hurt property investment abated with the government's re-election. But there are at least 80,000 reasons to suggest there'll be no rapid rebound as the worst housing slump in a generation spreads deeper into the economy. That's how many apartments were completed in recent years in Sydney. That raises the question: Who's going to soak up all that new supply?

What we've been reading

This is what's caught our eye over the last 24 hours.

  • Luckin Coffee burns investors in 43% plunge from high after IPO.
  • Amazon is working on a device that can read human emotions.
  • One Chinese stock picker began prepping her trade war book years ago.
  • Thailand’s new parliament opens Friday. Now it needs a place to sit.
  • This wealth detective finds the hidden money of the super-rich.
  • Remember that time Trump sold the Plaza hotel at an $83 million loss?

To contact the author of this story: Alison Ciaccio in New York at aciaccio1@bloomberg.net

To contact the editor responsible for this story: Robert Lafranco at rlafranco@bloomberg.net

©2019 Bloomberg L.P.