India

• India released results from its six-week election saga yesterday, and they revealed a shock decline in support for PM Modi's Bharatiya Janata Party (BJP) that exit polls had failed to predict.
• The BJP still won more seats than any other party, but - for the first time since it came to power in 2014 - failed to secure the 272 seats it needed for an outright majority...far fewer than the 303 votes it won in 2019 or the "400 plus" supporters had predicted for 2024 in taunting campaign chants.
• The BJP already governed within the National Democratic Alliance (NDA) coalition, but because the BJP alone had enough seats for a majority after the last election, it could force its platform through without outside suport - even from coalition parties. Now it may need to make more concessions to maintain the coalition's majority.
• PM Modi declared that the results had "shown immense faith" in the BJP, but his critics say the BJP's loss in seats confirmed voters' frustrations with Modi's Hindu nationalism and failure to level India's vastly unequal playing field.
• Investors sold Indian stocks, fearing that Modi's mandate for implementing pro-business reforms was weakened by softened electoral support.

• While the BJP's stumble in Indian elections caused India's stockmarkets to fall ~6%, Mexican stock prices fell for a related-but-opposite reason: a landslide victory by left-wing President-elect Sheinbaum offers her a mandate to extend - or even expand - her populist predecessor's anti-business policies.
• Sheinbaum has been opaque about her economic policy plans. Some pro-business voices still hope she'll break with Pres. AMLO's leftist programs.

• Neither Israel nor Hamas has formally responded to the ceasefire proposal the U.S. tabled on Friday.
• Hamas is reportedly uncomfortable that the proposal doesn't explicitly end the war, but the U.S. is urging it (indirectly, via Qatari mediators) to accept anyway - and to trust that an amenable post-war plan will then fall into place.
• Meanwhile, Israeli PM Netanyahu is uncomfortable agreeing to a proposal that ends the war without destroying Hamas, since some of his right-wing coalition partners have threatened to sink his government if he agrees to the current terms.
• Nonetheless, the U.S. is still hoping both sides will agree. CIA Director Burns and White House Middle East envoy McGurk traveled to Qatar to advance talks.
• Separately, Slovenia's parliament voted to recognize Palestinian statehood without a referendum on the question [a 60% majority of Slovenians support recognizing Palestine and only 20% oppose it, so a referendum probably would've passed anyway].

• Syrian state media previously reported that Israeli airstrikes hit targets in and around the Syrian city of Aleppo on Monday. Now there are semi-official reports that the Israeli strikes killed a senior Iranian IRGC commander, Saeed Abyar, and 12 militants.
• The IRGC’s commander-in-chief, Hossein Salami, swore that Israel "will pay" and "should await a response." This response will probably be more muted than Iran's direct strikes on Israel in early April.

• Abu Dhabi's ruler, Sheikh Mohammed bin Zayed al Nahyan, warmly welcomed Taliban official Sirajuddin Haqqani, who the U.S. wants to try on terrorism charges and is the subject of a $10 million U.S. arrest bounty. Despite their friendly meeting, the UAE still doesn't recognize the Taliban government - no nations have yet.

• Seeking to look tough on illegal immigration ahead of November elections, Pres. Biden signed an executive order that would trigger a ban on asylum applications by illegal migrants once seven-day average migrant encounters exceed 2,500. That's a low hurdle set near the current rate, so the (temporary) ban will likely be invoked very soon.