Hong Kong shares fall 2%, dragged by property and technology; Asia markets are mixed

18 minutes ago

Adani shares empty after chairman reaffirms company’s disclosure standards

Adani Group’s chairman on Tuesday confirmed the company’s revelations that no breach had been found and that the Hindenburg report contained misinformation.

“The report was a combination of targeted misinformation and discredited allegations, most of which date from 2004 to 2015,” the group’s chairman Gautam Adani said in a shareholder address at the annual general meeting.

He added that an expert committee investigating the case found no regulatory failure and confirmed the group̵[ads1]7;s disclosures, finding “no instances of any breach.”

Shares in Adani Enterprise rose 0.56%, while Adani Transmission rose 1.58%. Adani Green added 1.52%.

– Lee Ying Shan

3 hours ago

China must play a bigger role in debt restructuring talks for vulnerable nations, says professor

The West has not done enough to bring China to the negotiating table, said Mauro Guillen, a professor at the University of Pennsylvania’s Wharton School.

The U.S. and Europe need to engage with China in debt restructuring talks for vulnerable countries since “China has money” and influence with many of these nations, Guillen told CNBC’s “Squawk Box Asia.”

His comments come on the heels of the group of 20 finance ministers meeting in Gandhinagar, India.

There has not yet been a breakthrough on how much aid will be offered to low-income countries in need of debt restructuring.

Guillen highlighted that China’s lack of involvement may be due to its own problems at home. “There is a lot of pressure on President Xi to organize the stimulus for his own economy,” he said. “China may want to focus on its own problems for the time being rather than solving other people’s problems.”

— Charmaine Jacob

3 hours ago

Property and tech stocks lead losses as Hang Seng falls over 2%

Property and technology stocks led losses on the Hang Seng Index, which fell more than 2%.

Property developer Longfor Group was the biggest loser on the index, shares falling more than 9%, while Country Garden Holdings saw a 6.67% drop.

On the technology front, shares in JD Health International fell more than 5% and were the biggest losers in the sector, followed by Alibaba Group subsidiary Alibaba Health Information Technology, which fell 4.2%.

3 hours ago

The RBA kept rates stable amid falling inflation and the risk of output growth falling further

The Reserve Bank of Australia considered whether to keep interest rates steady, or increase them by 25 basis points at its meeting in July, the minutes have revealed.

The central bank ultimately decided to leave interest rates unchanged, saying monetary policy was “clearly restrictive” with the prevailing cash rate at 4.1% and mortgage rates around record highs in May.

It also acknowledged that inflation has been on the way down, and will help mitigate the risk of an increase in inflation expectations in the medium term.

The bank said there was a risk that output growth could slow more than expected if interest rates were raised, noting there was “significant uncertainty” around household spending.

Read more here.

— Lim Hui Jie

6 hours ago

China’s Evergrande reports big losses for 2021 and 2022, liabilities rise too

Chinese property developer China Evergrande Group posted big losses in its extended 2021 and 2022 results.

The company saw a total net loss of 686.2 billion yuan ($95.68 billion) for 2021, and a total net loss of 125.8 billion in 2022.

For 2022, the majority of losses were due to land restitution losses, impairment of financial assets and other non-operating losses, which amounted to 69.37 billion yuan.

Evergrande’s total liabilities stood at 2.35 trillion yuan last year, up 23% from 2020, while total assets were 1.8 trillion yuan, down 20% from two years ago.

— Lim Hui Jie

6 hours ago

CNBC Pro: After Bitcoin’s 80% Rally, Market Experts Predict Where It’s Heading in 2023

After a more than 80% jump in bitcoin’s price in the first half of 2023, crypto market watchers tell CNBC Pro how they expect the cryptocurrency to perform in the latter half of the year.

Carol Alexander, Professor of Finance at Sussex University, Standard Charterd’s Geoff Kendrick, and Antoni Trenchev, CEO of crypto lending firm Nexo reveal their forecasts.

CNBC Pro subscribers can read more here.

– Ryan Browne

6 hours ago

CNBC Pro: Barclays sees ‘limited benefit’ from AI hype for these European chip stocks ahead of earnings

European semiconductor stocks face a “difficult quarter” thanks to a “volatile earnings season” starting this week, according to Barclays.

The investment bank laid out key earnings expectations for ASML, Nokia, STMicro and Infineon, and its medium-term outlook for the chip stocks.

CNBC Pro subscribers can read more here.

– Ganesh Rao

12 hours ago

Tech software ETF hits new 52-week high

The iShares Expanded Tech-Software Sector ETF rose 1.2% on Monday, hitting a new 52-week high.

The ETF, which has targeted exposure to software, interactive media and related companies, has gained nearly 42% in 2023. Meanwhile, the VanEck Semiconductor ETF also gained more than 1% as of Monday afternoon, amid 56.3% year-to-date. rally.

See diagram…

Technical Software ETF

14 hours ago

More than 40 S&P 500 stocks hit new 52-week highs

The S&P 500 is up a modest 0.3% on Monday morning, but 43 components of the broad market index jumped to new 52-week highs, including a handful that hit their highest levels in decades.

Booking Holdings jumped to a high of $2,938.38, hitting all-time highs dating back to the travel stock’s initial public offering in 1999.

Cintas hit all-time highs dating back to its debut in 1983. The supplier of corporate uniforms hit a high of $503.70. Cintas posted a beat late last week, with fiscal fourth-quarter earnings of $3.33 per share on revenue of $2.28 billion.

Pest giant Rollins hit a high of $44.78, an all-time high since it began trading on the New York Stock Exchange in 1968.

Darla Mercado, Chris Hayes

13 hours ago

How the Nasdaq 100 Rebalancing Affects Megacap Tech

Details are beginning to trickle out about the Nasdaq 100 rebalance, which will take effect on July 24.

According to Goldman Sachs, Nvidia and Microsoft are the shares that will see the biggest downward adjustments as part of the rebalancing, and Apple will become the largest share in the group, but with a smaller weighting than it has today.

Read more about the changes in the index and the potential impact on stocks on CNBC Pro.

-Jesse Pound

18 hours ago

Production growth in stalls in the New York area, Fed survey shows

Manufacturing activity in the New York areas nearly ground to a halt in July, with nearly as many firms reporting expansion as contraction.

The New York Federal Reserve’s Empire State Manufacturing Survey fell 6 points to a reading of 1.1, representing the difference between companies seeing growth versus contraction. Wall Street had been looking for a reading of zero, according to Dow Jones.

New orders were little changed at 3.3, while shipments fell 8.6 points and inventories fell 4.8 points to a reading of -10.8. There was some good news on inflation, with both paid and received indices falling more than 5 points.

-Jeff Cox

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