Markets Aren't Doing Much

Britain's FTSE is up 0.1%.

France's CAC is flat.

Germany's DAX is flat.

Spain's IBEX is up 0.4%

Italy's FTSE MIB is up 1%.

Overnight, Japan's Nikkei closed down 1.4% and Hong Kong's Hang Seng closed down by around 0.1%.

As expected, it looks like opposition party leader Narendra Modi will win India's election by a landslide. Known as a champion of economic progress, markets have received him with open arms.

Earlier today, the Bombay Sensex index exploded 6% to an all-time high of 25,375.63 before coming back a bit.

Later today, we'll get two economic reports in the U.S. Here's the preview via BI's Monday Scouting Report:

• Housing Starts (Fri): Economists estimate the pace of starts climbed 3.8% to 982,000 in April as while permits climbed 1.8% to 1.015 million. "Building permits for single family homes, although higher in March, are still running below the pace of single family starts," said BAML. "We therefore think the risk is that single family starts slip to better match the rate of permits. This would also be consistent with the weak signal from the NAHB housing index and sharp drop in single family new home sales. It appears that the spring selling season has kicked off to a slow start. Multifamily starts are likely to improve, although the data are extremely choppy on a monthly basis."
• Univ. Of Michigan Confidence (Fri): Economists estimate the preliminary estimate of this sentiment index climbed to 84.5 in May from 84.1 in April. "Our forecast would be close to the cycle high (July 2013 at 85.1)," said Credit Suisse economists who forecast an 85.0 print. "The revision to the final April reading suggests sentiment improved steadily through the month of April, so May has the wind at its back. Positive headlines from the May employment report should also be supportive."

U.S. futures aren't doing much ahead of the