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UK's May avoids wipeout in London elections - Reuters

As reported by Reuters, Prime Minister Theresa May's party has so far avoided a landslide in London local elections.

Key quotes

"Prime Minister Theresa May’s Conservative Party avoided a wipeout... and eked out gains in Brexit-supporting regions elsewhere."

"The elections are viewed as a gauge of public support for May as she faces a possible revolt in parliament over her strategy for leaving the European Union."

"Partial results showed May was likely to avoid the kind of widespread losses that would dramatically weaken her authority over Conservative lawmakers."

"Votes will decide more than 4,400 council seats, determining the makeup of 150 local government authorities who are responsible for the day-to-day provision of public services. They do not affect seats in parliament, where May has only a slim working majority thanks to a deal with a smaller party."

US: April ISM non-manufacturing survey adds to pullback in confidence - Nomura

Analysts at Nomura note that the US ISM non-manufacturing index declined 2pp to 56.8, below expectations (Nomura: 58.6, Consensus: 58.0). Key Quotes
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India: Better growth in next few years – Standard Chartered

Investors remain constructive on India and expect better growth in next few years on recent reforms, but they do not rule out the risks of rate hikes
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