Asia-Pacific markets fell on Monday as investors digested key economic data from China.
Most notably, the world's number two economy reported that GDP for the second quarter grew 6.3%, lower than economists expected.
Hong Kong markets will likely be closed all Monday due to a warning issued for Typhoon Talim. The Hong Kong Observatory expects storm signal No. 8 to remain in force until at least 4pm.
The Hong Kong Exchange usually cancels the morning trading sessions if the typhoon signal is No. 8 or above, and all trading sessions for the day will be cancelled if signal No. 8 or above remains in force by noon.
In Australia, the S&P/ASX 200 closed marginally lower at 7,298.50, snapping a four day winning streak. The country will release unemployment figures later this week, which will give clues to the Reserve Bank of Australia's rate decisions.
South Korea's Kospi dipped 0.35% to end at 2,619, also ending a four-day winning streak. The Kosdaq bucked the regional trend and was up 0.22% to close at 898.29.
Elsewhere Japan's markets are closed for Marine Day.
In Southeast Asia, Singapore's non-oil domestic exports dropped 15.5% in June compared to a year earlier, while Indonesia saw its trade balance for June surge more than expected.
U.S. markets were mixed on Friday, with the Dow Jones Industrial Average reaching its highest level since March as strong earnings results from some of the biggest banks and companies kicked off earnings season.
— CNBC's Hakyung Kim and Tanya Macheel contributed to this report
Indonesia trade falls more than expected in June, trade surplus rises
Indonesia's trade surplus for June surged to $3.46 billion, sharply higher than the $1.35 billion forecast by economists polled by Reuters.
However, total trade fell overall, with the country's exports in June down $20.61 billion, falling by 21.18% year-on-year.
Imports for June came in at $17.15 billion, 18.35% lower compared to June last year.
— Lim Hui Jie
Investments in Asia-Pacific hotels plunged in first half of 2023, JLL says
Investments in hotels in Asia-Pacific saw a significant drop in the first half of the year due to instability in the U.S. and Europe debt markets, JLL said.
Compared to the previous year, investments plummeted by 52% and reached $3.1 billion, data from the real estate firm showed.
"A lot of buyers now are facing rate cycles, inflation uncertainty, macroeconomic challenges," Calvin Li, head of transaction advisory services at JLL, told CNBC's "Squawk Box Asia" on Monday.
As a result, want to "keep their capital on the sidelines," he added, till it is the right time to invest again.
However, Li does expect investments in the region to pick in the second half of the year as the debt market stabilizes and forecasts $8.7 billion worth of hotel investments in 2023.
"With the rate cycles close to stabilizing ... and inflation abating in most developed markets, we think investors will be a little bit more risk on [and] willing to take the plunge," Li said.
— Charmaine Jacob
China unlikely to inject 'massive stimulus' to jumpstart economy, says strategist
China's policymakers are unlikely to inject "massive stimulus" to jumpstart a faltering economy, according to Arthur Kroeber, founding partner and head of research at Gavekal Dragonomics, a China-focused economic research firm.
"I think the government has been pretty clear that they're not going to stimulate that much," he told CNBC's "Squawk Box Asia" on Monday.
"Basically what they've said is they want to do some fine tuning, they'll do some adjustments around the edges. But the big, sort of massive stimulus that we've been used to in China over the last 15 years every time you get a slow down — I don't think we're going to get that again."
Kroeber noted the government realizes that "there's a structural problem in the property sector that just has to be solved."
"They're not going to help that matter by pouring lots and lots of stimulus to get people to buy houses that they don't really need," he added.
— Sumathi Bala
China keeps medium term loan rates unchanged at 2.65%
China's central bank kept its medium term loan rates unchanged at 2.65%, after the People's Bank of China launched 103 billion yuan ($14.43 billion) worth of one-year medium-term lending facility loans at that rate.
This would fully meet financial institutions' cash demands and keep "reasonable and sufficient liquidity in the banking system," the central bank said.
The PBOC also conducted a reverse repurchase operation of 33 billion yuan through seven-day reverse repos, at an unchanged rate of 1.9%.
— Lim Hui Jie
China's second quarter GDP grows 6.3%, slower than expected
China's second-quarter gross domestic product grew by 6.3% from a year ago, missing expectations compared to the 7.3% forecast by analysts polled by Reuters
The 6.3% GDP print for the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of the year.
Seperately, the unemployment rate among young people ages 16 to 24 was 21.3% in June, a new record.
— Evelyn Cheng
Hong Kong likely to cancel all trading sessions for Monday
Hong Kong markets are likely to be shut for the whole of Monday, after the city observatory forecast that the typhoon warning for Typhoon Talim will remain in force until 4 p.m. Hong Kong time.
The Hong Kong Exchange usually cancels the morning trading sessions if the typhoon signal is No. 8 or above after 9 a.m., and all trading sessions for the day will be cancelled if signal No. 8 or above remains in force by noon.
— Lim Hui Jie
Singapore non-oil domestic exports contracts for ninth straight month
Singapore's non-oil domestic exports fell 15.5% year on year in June, marking the ninth straight month that such exports have remained in contraction territory.
This was a deeper fall than the 14.8% drop recorded in May, but slightly less than the 15.8% fall expected by economists polled by Reuters.
Enterprise Singapore, Singapore's enterprise development agency elaborated that the fall in non-oil domestic exports were due to weaker exports to Malaysia, Indonesia and South Korea, although exports to Hong Kong and China rose.
— Lim Hui Jie
CNBC Pro: 'Red-hot upside': This global high-growth tech fund's stock could rise by 180%, says Berenberg
Shares of a venture capital fund focusing on the high-growth technology sector could rise by more than 180%, according to Berenberg.
The bank's analyst said even if the VC fund's portfolio experiences no growth and is valued at a 20% discount compared to its peers, it would still imply a 54% upside.
— Ganesh Rao
CNBC Pro: UBS updated its 'highest conviction' stock list — and it aims to beat a major index
UBS named a raft of U.S. and global stocks it says are set to beat a major index in 2023, which it described as a year of "inflection points."
The stock picks are its "highest conviction" names, and the list is aimed at beating the MSCI All Countries World Index, the Swiss bank said in a July 11 research note, adding that it did not "shy away from taking some contrarian positions."
CNBC Pro subscribers can read more here.
— Lucy Handley
Global headline inflation appears to have peaked, says IMF
Among the Group of 20 nations, headline inflation seems to have peaked, according to the International Monetary Fund. However, in most of the G20 countries, particularly the advanced economies, core inflation remains well above central banks' targets.
"In the fight against inflation there are some early signs of monetary policy transmitting to activity, with bank lending standards tightening in the euro area and the United States. That said, policymakers should avoid 'premature celebrations': lessons from previous inflationary episodes show that easing policy too early can undo progress on inflation," IMF managing director Kristalina Georgieva wrote in a Friday note.
The IMF forecasts global growth over the medium-term to fall around 3%, lower than the historical average of 3.8% over 2000 to 2019.
— Hakyung Kim
Investors count on upward market momentum in the week ahead as earnings rain down
Stocks could continue to gain momentum in the week ahead as traders turn their attention to earnings results after the past week's softer inflation news.
The major benchmarks are headed for a positive week Friday after encouraging consumer and wholesale inflation in June cemented the likelihood that the Federal Reserve is closer to the end of its rate-hiking campaign. Traders see a 95% certainty the Federal Reserve will hike at the central bank's July meeting, according to the CME Group's FedWatch Tool. They're 81% sure the Fed will stand pat in September.
"I think the Fed is kind of locked in for another hike," said Sage Advisory's Rob Williams. "But given this inflation data, I think they're kind of one and done."
CNBC Pro subscribers can read the full story here.
— Sarah Min
More than a third of Friday's new 52-week highs in S&P 500 are all-time records
More than one third of the 32 stocks making new 52-week highs in the S&P 500 Friday are also trading at all-time records. Three of the 32 (JPM, V, CRM) are also in the Dow Jones Industrial Average. Three of the all-time highs are homebuilders. And then there's Nvidia, of course:
- Netflix, trading at highest since Feb. 2022
- Booking Holdings, trading at record high back to 1999 IPO
- D.R. Horton, all-time high back to 1992 IPO
- Lennar, all-time high back to start of trading in 1971
- PulteGroup, trading at all-time high back to its IPO in 1972
- CBOE Holdings, all-time high back to 2010 IPO
- Intercontinental Exchange, highest since April 2022
- JPMorgan (JPM), highest since Feb. 2022
- Moody's, highest since Feb. 2022
- S&P Global, highest since April 2022
- Visa, highest since August 2021
- Align Technology, highest since April 2022
- Cooper Companies, highest since April 2022
- DexCom, highest since Dec. 2021
- IDEXX Laboratories, highest since April 2022
- Intuitive Surgical, highest since Jan. 2022
- Steris, highest since June 2022
- Copart, all-time high back to 1994 IPO
- Masco, highest since Feb. 2022
- Rollins Inc., highest since 1968 start of trading
- Adobe, highest since Feb. 2022
- Ansys, highest since Jan. 2022
- Cadence Design Systems, all-time since predecessor ECAD went public in 1987
- Salesforce.com, highest since Feb. 2022
- Fortinet, all-time high back to 2009 IPO
- Gartner, highest since Nov. 2021
- ServiceNow, highest since March 2022
- NVIDIA, all-time high since 1999 IPO
- ON Semiconductor, all-time high since 2000 IPO
- Teradyne, highest since April 2022
- Sherwin-Williams, highest since June 2022
- Equinix, highest since Jan. 2022
Meanwhile, just five stocks fell to 52-week lows in the S&P 500 Friday, none of them records, although AT&T touched a 20-year low:
- AT&T, lowest since March 2003
- Conagra Brands, lowest since June 2022
- Allstate, lowest since Nov. 2020
- Bristol-Myers Squibb, lowest since Jan. 2022
— Scott Schnipper, Christopher Hayes