The government said there will be no change in personnel at the four senior ministries – finance, home affairs, defence and foreign affairs. It also held key ministries like commerce and agriculture

China sat out of the global risk rally after a group of Republican lawmakers said battery companies CATL and Gotion should be banned from shipping goods to the US

Shares across Asia were boosted by advances in the euro ahead of the European Central Bank policy meeting, but pared gains amid caution

The clean energy sector was the biggest driver of China’s economic growth in 2023, contributing 40% of its expansion

Focus in the region was on how Indian markets performed after stocks sank and the rupee slid a day before

Modi is still on track to return to power in India for a rare third-term, but will now be reliant on alliance partners to stake a claim to form and keep running the government

Asian markets were generally subdued on Tuesday – except for India, where news that the Modi government may fall short of a big election win caused shares to sink

The Modi government – widely expected to be returned to power this week – has plans to increase India's share of global manufacturing to 5% by 2030 and 10% by 2047

Market analysts say the projections lifted uncertainty about the likely result and signalled the continuity of Modi's economic policies. But exit polls have a patchy record in India

"Although stock markets have performed strongly in May, just in the last week it seems very stressed," one analyst said, pointing to investor jitters on inflation expectations

After five months of inflows, foreign investment in emerging markets fell in April, according to the Institute of International Finance

The latest halt in the global risk rally comes on the back of data pointing to lingering inflationary pressures across major economies