Hong Kong shares fell 2%, dragged by property and technology; Asian markets were mixed

3 hours before

The professor says China should play a bigger role in debt restructuring negotiations for vulnerable countries

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

The U.S. and Europe should engage with China in debt restructuring talks for vulnerable countries because “China has money” and leverage with many countries, Gillen told CNBC’s “Squawk Box Asia.”

His comments came during a meeting of the 20-member Finance Ministers Group in Gandhinagar, India.

There is still no progress on how much aid will be given to low-income countries in need of debt restructuring.

Guillen pointed out that China’s lack of engagement could 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 prefer to focus on its own problems for the time being, rather than solving other people’s problems.”

– Charmaine Jacob

2 hours ago

Property and technology stocks were the losers as the Hang Seng fell more than 2%.

Real estate and technology stocks led losses on the Hang Seng index, which fell more than 2%.

Real estate developer Langfour Group was the biggest loser on the index, with its shares falling more than 9%, while Country Garden Holdings saw a 6.67% drop.

On the technology front, shares of JD Health International fell more than 5%, the sector’s biggest loser, while Alibaba Group subsidiary Alibaba Health Information Technology fell 4.2%.

3 hours before

The RBA kept rates steady amid fears of a fall in inflation and a further fall in manufacturing growth

The Reserve Bank of Australia is considering whether to hold rates steady or raise them by 25 basis points at its July meeting. The minutes revealed.

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The central bank ultimately decided to leave rates unchanged, saying monetary policy was “clearly constrained” at the prevailing 4.1% cash rate and mortgage interest payments were at their highest in May.

It also acknowledged that inflation is slowing, and this will help mitigate upside risks to medium-term inflation expectations.

The bank said that if rates were raised, output growth would be slower than expected, noting that there was “considerable uncertainty” in household consumption.

Read more here.

– Lim Hui Jee

5 hours ago

China’s Evergrande reports steeper losses for 2021 and 2022, more liabilities

Chinese property developer China Evergrande Group posted steep losses in its long-term results for 2021 and 2022.

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

By 2022, the Most losses Losses related to land repossession, losses on financial assets and other non-operating losses totaled 69.37 billion yuan.

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

– Lim Hui Jee

6 hours ago

CNBC Pro: After 80% Rally for Bitcoin, Market Experts Predict Where It Will Head in 2023

6 hours ago

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

European semiconductor stocks are in for a “tricky quarter” due 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 chip stocks.

CNBC Pro subscribers can read more here.

– Ganesh Rao

11 hours ago

Technology software ETF hits new 52-week high

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

The ETF, which targets exposure to software, interactive media and related companies, is up nearly 42% in 2023. Meanwhile, the VanEck Semiconductor ETF was up 56.3% year-to-date as of Monday afternoon, up more than 1%. Rally.

Check out the chart…

Technology Software ETF

14 hours ago

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

The S&P 500 was modestly up 0.3% on Monday morning, but 43 components of the broader market index surged to fresh 52-week highs, including the highest level in a few decades.

Booking’s holdings rose to a high of $2,938.38, reaching an all-time high since the initial public offering of Travel shares in 1999.

Since its debut in 1983, Cintas has achieved all-time highs. The corporate uniform supplier touched a high of $503.70. Cintas posted a hit last weekend, with fiscal fourth-quarter earnings of $3.33 a share on revenue of $2.28 billion.

Pest control company Rollins hit $44.78, the highest since it began trading on the New York Stock Exchange in 1968.

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Darla Mercado, Chris Hayes

12 hours ago

How Nasdaq 100 Rebalancing Affects Megacap Tech

Details are beginning to emerge about the Nasdaq 100 rebalancing that will take effect on July 24.

According to Goldman Sachs, Nvidia and Microsoft are the stocks that will see the biggest downward changes as part of the restructuring, and Apple will be the largest stock in the group, but at a smaller weight than it currently is.

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

– Jesse Pound

18 hours ago

Manufacturing growth in New York area stalls, Fed survey shows

Manufacturing activity in the New York region came to a near standstill in July, with almost as many companies reporting a brief expansion.

The New York Federal Reserve’s Empire State Manufacturing Survey fell 6 points to 1.1. According to Dow Jones, Wall Street was looking for a reading of zero.

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

– Jeff Cox

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