India's Hindu nationalist Prime Minister Narendra Modi and his allies were heading for victory in the country's general election count on Tuesday, but with a reduced parliamentary majority as the opposition surpassed expectations.Commentators and exit polls had long projected an overwhelming victory for Modi, whose campaign wooed the Hindu majority to the worry of country's 200-million-plus Muslim community, deepening concerns for minority rights.
Stocks slipped on Monday after survey data showed U.S. factory activity had slowed more than expected in May and construction spending slipped in April, although the S&P 500 and the Nasdaq closed the session slightly higher. "It was a day when the U.S. economic exceptionalism theme was called into question," Chris Weston, head of research at Pepperstone, said in a note. Gains in these rate-sensitive stocks had boosted the Nasdaq in the previous session, as U.S. Treasury yields slipped.
Volvo Cars is launching the world's first EV battery passport recording the origins of raw materials, components, recycled content and carbon footprint for its flagship EX90 SUV, which is about to start production, the Swedish automaker told Reuters. The passport was developed by Volvo, which is owned by China's Geely, in partnership with UK startup Circulor, which uses blockchain technology to map supply chains for companies, and took over five years to develop. Battery passports will be mandatory for electric vehicles (EVs) sold in the European Union from February 2027 showing the composition of batteries, including the origin of key materials, their carbon footprint and recycled content.
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