Hong Kong shares fall 2%, dragged down by property and technology; Mixed Asian Markets – CNBC

China’s top economic state planner vowed on Tuesday to “restore and expand” consumption in a far-reaching plan to boost growth that includes boosting household incomes, improving the business environment for private companies and stabilizing youth employment.

China’s continued economic recovery still faces insufficient demand, weak momentum and weak confidence, Jin Xiandong, an official with the National Development and Reform Commission, said at the agency’s monthly press conference in Beijing on Tuesday. according to a translation from CNBC.

“Purchasing power and consumer expectations are relatively weak, while the infrastructure and consumer environment need to be improved,” Jin added.

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— Clement Tan

The Adani Group chairman on Tuesday affirmed the company’s disclosures that no violations were found and that the Hindenburg report contained misinformation.

“The report was a combination of targeted misinformation and debunked allegations, most of them dating from 2004 to 2015,” the group’s chairman Gautam Adani said in a speech to shareholders during the annual general meeting.

It added that a Committee of Experts that investigated the matter found no regulatory failure and confirmed that the Group’s disclosures found “no instances of non-compliance.”

Actions of adani company rose 0.56%, while Adani Transmission rose 1.58%. adani green added 1.52%.

—Lee Yingshan

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

The United States and Europe must engage with China in debt restructuring talks for vulnerable countries, as “China has money” and influence in 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 yet to be a breakthrough on how much aid will be offered to low-income countries in need of debt restructuring.

Guillén stressed that China’s lack of participation could be due to its own internal problems. “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 now instead of solving other people’s problems.”

—Charmaine Jacob

Real estate and technology stocks led losses in the Hang Seng Index which fell more than 2%.

real estate developer Longfor Group was the biggest loser in the index, its shares fell more than 9%, while Country garden holdings saw a drop of 6.67%.

On the technology front, shares of JD Health International fell more than 5% and was the biggest loser in the sector, followed by the Alibaba Group subsidiary. Alibaba Health Information Technologywhich fell 4.2%.

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

The central bank ultimately decided to leave rates unchanged, saying monetary policy was “clearly tight” at the prevailing 4.1% cash rate and mortgage interest payments were hovering around an all-time high in May.

He also acknowledged that inflation has been declining and would help mitigate the risk of a rise in inflation expectations over the medium term.

The bank said there was a risk output growth slowed more than expected if rates were raised, noting there was “considerable uncertainty” surrounding household consumption.

Read more here.

—Lim Hui Jie

chinese real estate developer China Evergrande Group posted heavy losses on its long-overdue results for 2021 and 2022.

The company posted a total net loss of 686.2 billion yuan (95.68 billion U.S. dollars) in 2021 and a total net loss of 125.8 billion in 2022.

By 2022, the most losses they were due to losses related to the return of land, losses due to impairment of financial assets and other non-operating losses, which amounted to 69.37 billion yuan.

Evergrande’s total liabilities amounted to 2.35 trillion yuan last year, up 23% compared to 2020while its total assets stood at 1.8 trillion yuan, 20% less than two years ago.

—Lim Hui Jie

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

Carol Alexander, a professor of finance at the University of Sussex, Geoff Kendrick of Standard Charterd and Antoni Trenchev, CEO of crypto-lending firm Nexo, reveal their forecasts.

CNBC Pro subscribers can read more here.

—Ryan Browne

European semiconductor stocks will face a “tough 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 chip stocks.

CNBC Pro subscribers can read more here.

—Ganesh Rao

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

The ETF, which has focused on exposure to software, interactive media and related companies, has gained nearly 42% in 2023. Meanwhile, the VanEck Semiconductor ETF it also gained more than 1% as of Monday afternoon, amid a 56.3% rally so far this year.

The S&P 500 rose a modest 0.3% on Monday morning, but 43 components of the broad market index hit new 52-week highs, including some hitting their highest levels in decades.

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

Cintas hit all-time highs since its debut in 1983. The corporate uniform vendor topped out at $503.70. Cintas posted a breakthrough late last week, with fiscal fourth-quarter earnings of $3.33 a share on revenue of $2.28 billion.

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

–Darla Mercado Chris Hayes

Details are beginning to leak out about the rebalancing of the Nasdaq 100, which will go into effect on July 24.

According to Goldman Sachs, nvidia and Microsoft are the stocks that will experience the largest downward adjustments as part of the rebalancing, and Apple it will be the largest stock in the group, but with a lower weighting than it currently has.

Read more about him Index changes and potential impact on stocks on CNBC Pro.

—Jesse Pound

Manufacturing activity in the New York areas came to a near halt in July, with almost as many businesses 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 dipped 4.8 points to a reading of -10.8. There was good news on inflation, with the indices of prices paid and received falling more than 5 points.

—Jeff Cox