India stocks sink 5% to lead Asia markets lower as election vote counting signals close contest for Modi

India stocks sink 5% to lead Asia markets lower as election vote counting signals close contest for Modi

India stocks fall as vote counting for 2024 election begins

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— Shreyashi Sanyal, Charmaine Jacob

South Korea CPI rises at slowest pace in 10 months

South Korea’s consumer inflation slowed in May, official data showed, with the pace of increase coming in below expectations.

The consumer price index increased 2.7% in May from a year ago, rising at its slowest pace since July, according to LSEG data.

The number was also smaller than a 2.9% increase in April and a gain of 2.8% expected by a Reuters poll of economists.

South Korea’s core CPI, which excludes volatile food and energy products, gained 2.2% year-over-year in May.

— Shreyashi Sanyal

CNBC Pro: The market has ‘completely missed’ this critical AI chip stock, says fund manager

A U.S. company that provides electronic design software to chip makers, has been “completely missed” by investors, according to Clare Pleydell-Bouverie, fund manager at Liontrust.

The company has tools for engineers to find and fix problems in the design of computer chips before they are manufactured.

Pleydell-Bouverie said the company is a “key enabler of [AI growth], and that’s been completely missed by the market.”

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Here are top alternatives to Nvidia that are still cheap, according to the pros

Goldman’s Kaplan says no rate cut until at least September

Goldman Sachs vice chairman and former Dallas Fed President Robert Kaplan told CNBC on Monday that he does not see a rate cut this summer unless something “shocking” happens.

“I think September is the first month where a cut is a possibility, but I think the Fed would need to see at least a few more months of improvement in inflation. If they see it, September is possible,” Kaplan said on “Closing Bell.”

The central bank’s next policy decision is due out June 12.

— Jesse Pound

GameStop rises in extended trading after latest Reddit post

Shares of GameStop were up 3% in after-hours trading, building on a 21% gain during regular market hours.

The latest move came after another Reddit post that appeared to be from Keith Gill, aka Roaring Kitty. The post appeared to show that Gill still holds his GameStop shares and call options positions in the stock after Monday’s rally.

CNBC has not independently verified the Reddit post.

— Jesse Pound, Yun Li