French voters dealt a crushing blow to President Macron's alliance in legislative elections. His alliance fell 44 seats short of absolute majority in the lower house of 577 members.

The European Central Bank plans to lift rates at its next meeting in July and in September and lowered economic growth outlook and lifted inflation estimates for the next three years.

India placed a temporary ban on unregulated wheat exports after the latest heat wave began affecting production and food price surged in recent months.

Elevated inflation in April was driven by not just the increase in food and energy prices but also stubborn price increases in health and education services.

The persistent supply chain strains and rising raw materials and energy costs weighed on the industrial production.

Mahinda Rajapaksa resigned and asked the president to form an all-party government as the economic pain deepens and violence spreads. The island nation has been hit with multiple economic shocks over the last three years.

Months of economic crisis have brought thousands of people on streets demanding the resignation of the current president and government. Economic crisis is expected to stretch into 2023 with the slow recovery in tourism and tea and apparel exports.

The Reserve Bank of India in a surprise move lifted repo rate and drained liquidity citing rising inflationary pressures and elevated fuel and energy prices.

Economic activities in China declined for the second month in a row in April. Construction and services sector showed a deeper decline as Covid Zero policy is enforced in dozens of cities.

Asian markets closed down sharply following market declines in New York in Friday's trading Nikkei index declined nearly 2% and indexes in China fell at least 4%. The Japanese yen also dropped to a two-decade low as the central bank policy diverges from the rate hike regime in the U.S.

French President Emmanuel Macron was re-elected with a smaller majority than in 2017 but brought a sigh of relief from leaders of European nations. In a deeply divided France, economy topped the election agenda with the French economy stuck near the level last seen in 2007.

Container freight rates have dropped more than estimated in March after congestion at Long Beach and Los Angeles ports eased faster than expected. Ships waiting to unload have dropped to 14 from the record high of 109 on Jan 9 and rates from China dropped to $8,000 from the high of $9,500 in March. Shippers are planning more direct routes to the East Coast ahead of labor negotiations in July.

Emmannuel Macron and Marine Le Pen qualified for the second round of the French presidential election today. Macron led with 28.3% and Le Pen with 23.3% votes, according to the exit polls in Paris. President Macron is projected to win in the second round on April 24 but the election is too tight to call. Ten other candidates failed to qualify. The euro is expected to inch higher.

U.S. ramps up pressure on Russian banks and state enterprises by placing a full block on the U.S. dollar denominated transactions. Moreover, President Biden's administration also placed personal sanctions on two adult daughters of President Putin, Prime Minister Mishustin and former president Medvedev. Biden's executive order also ban all new investments in Russia by Americans.

Hungarian Prime Minister Viktor Orban is set to win fourth consecutive general election with two-thirds majority, according to the election commission. Orban ran on a platform of closer ties with Russia for the energy security and has opposed the arms trans-shipments to Ukraine and anti-immigration policies.

Ruble extended gains for the second week after Russia required exporting companies to sell foreign currencies to the central bank, limited purchase of foreign exchange by individuals, and demanded payment for imported gas in ruble. The ruble rebounded from the low of 120 to a dollar reached three weeks ago to 83.50 today on Moscow Stock Exchange.