Hong Kong stocks tumble 2%, dragged by property and tech; Asia markets mixed

Lim Hui Jie

This is CNBC's live blog covering Asia-Pacific markets.

Perth, Australia

Asia-Pacific markets were mixed as Hong Kong stocks led losses in the region, tumbling by 2% — dragged by real estate and technology stocks.

Mainland Chinese markets were also in negative territory, with the Shanghai Composite down 0.37% to end at 3,197.82 and the Shenzhen Component falling 0.34% to 10,972.96. Both indexes recorded a second straight day of losses.

In Australia, the S&P/ASX 200 was 0.2% down and closed at 7,283.8 for a second straight day of losses, as investors digest minutes from the Reserve Bank of Australia's July meeting.

The Nikkei 225 climbed 0.32% to end at 32,493.89 and the Topix rose 0.59% to 2,252.28. Japanese investors are bracing for key economic data later this week, including its trade balance and consumer price index figures for June.

South Korea's Kospi slipped 0.43% to close at 2,607.62, but the Kosdaq finished up 1.76% at 914.14, its highest level in over 15 months.

This comes as the country holds its first Nuclear Consultative Group meeting with the U.S. today, which will "discuss information sharing, consultation mechanism and joint planning and execution designed to bolster nuclear deterrence against North Korea." Yonhap reported, citing South Korea's presidential office.

.N225Nikkei 225 IndexNIKKEI37,192.77+124.42+0.34%
.HSIHang Seng IndexHSI16,506.66+282.52+1.74%
.AXJOS&P/ASX 200ASX 2007,631.30+64.00+0.85%
.KS11KOSPI IndexKOSPI2,612.27+20.41+0.79%
.FTFCNBCACNBC 100 ASIA IDXCNBC 1008,958.50+48.84+0.55%

Overnight in the U.S., all three major indexes climbed as investors braced for the second quarter earnings season.

The Dow Jones Industrial Average added 0.22% to reach its highest closing level in 2023, while the S&P 500 climbed 0.39%, while the Nasdaq Composite saw the largest gain 0.93%.

— CNBC's Brian Evans and Samantha Subin contributed to this report

Tue, Jul 18 2023 3:44 AM EDT

China vows to ‘restore and expand’ consumption to boost growth

China's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth that includes boosting household income, improving business environment for private firms and stabilizing youth employment.

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

"Consumer purchasing power and expectations are relatively weak, while consumption infrastructure and environment need to be improved," Jin added.

For more, read here.

— Clement Tan

Tue, Jul 18 2023 3:41 AM EDT

China’s risk of deflation is ‘serious’ — one economist says it’s ‘time to act’

Fears are growing that China's economy is tethering on the verge of deflation after another slate of underwhelming economic data provided more evidence of stagnating growth, renewing calls for more meaningful policy intervention.

"We need to see broad and persistent price pressure before we can declare deflation," said Hong Hao, Grow Investment Group's chief economist. "This is happening in the upstream sectors and it normally takes two to four quarters to pass down."

"I think we are on the verge of deflation. Now it's the time to act to stem the deflationary pressure," he added.

Read more here.

— Clement Tan

Tue, Jul 18 2023 2:41 AM EDT

Adani shares inch up after chairman re-affirmed company disclosure standards

Adani Group's chairman on Tuesday affirmed the company's disclosures that no breach was found and that the Hindenburg report carried misinformation.

"The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015," the group's chairman Gautam Adani said in a shareholder address during the annual general meeting.

He added that an Expert Committee looking into the matter did not find any regulatory failure and confirmed that the Group's disclosures, finding "no instances of any breach."

Shares of Adani Enterprise inched up 0.56%, while Adani Transmission rose 1.58%. Adani Green added 1.52%.

—Lee Ying Shan

Mon, Jul 17 2023 11:18 PM EDT

China needs to 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, 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 yet to be a breakthrough on how much help will be offered to low income countries in need of debt restructuring.

Guillen highlighted that China's lack of involvement could be due to its own problems at home. "There's a lot of pressure on President Xi to organize the stimulus for its own economy," he said. "China may want to focus on their own problems for the time being rather than solve other people's problems."

— Charmaine Jacob

Mon, Jul 17 2023 11:45 PM EDT

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

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

Real estate developer Longfor Group was the biggest loser on the index, its shares sliding more than 9%, while Country Garden Holdings saw a 6.67% fall.

On the tech front, shares of JD Health International fell more than 5% and was the largest loser in the sector, followed by Alibaba Group subsidiary Alibaba Health Information Technology, which dropped 4.2%.

See Chart...

— Lim Hui Jie

Mon, Jul 17 2023 11:06 PM EDT

RBA held rates steady amid declining inflation and risk of output growth falling further

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

The central bank eventually decided to leave rates unchanged, saying that monetary policy was "clearly restrictive" at the prevailing cash rate of 4.1% and that mortgage interest payments were around a record high in May.

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

The bank said the risk that output growth could slow more than expected if rates were raised, noting there was "considerable uncertainty" around household consumption.

Read more here.

— Lim Hui Jie

Mon, Jul 17 2023 8:58 PM EDT

China's Evergrande reports steep losses for 2021 and 2022, liabilities also rise

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

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

For 2022, the majority of the losses were due to losses related to the return of lands, impairment losses on 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, 23% higher compared to 2020, while its total assets stood at 1.8 trillion yuan, 20% lower compared to two years ago.

— Lim Hui Jie

Mon, Jul 17 2023 8:11 PM EDT

CNBC Pro: After an 80% rally for bitcoin, market experts predict where it's going next 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

Mon, Jul 17 2023 8:11 PM EDT

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

European semiconductor stocks are set to face a "tricky 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

Mon, Jul 17 2023 2:45 PM EDT

Tech software ETF reaches a new 52-week high

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

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

See Chart...
Tech software ETF

— Hakyung Kim

Mon, Jul 17 2023 12:24 PM EDT

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

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

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

Cintas popped to all-time highs dating back to its debut in 1983. The corporate uniform supplier touched 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 control giant Rollins touched 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

Mon, Jul 17 2023 1:43 PM EDT

How the Nasdaq 100 rebalance impacts Megacap Tech

Details are starting to trickle out about the Nasdaq 100 rebalance, which will become effective on July 24.

According to Goldman Sachs, Nvidia and Microsoft are the stocks that will see the biggest downward adjustments as part of the rebalance, and Apple will be the largest stock in the group, but with a smaller weighting than it currently has.

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

— Jesse Pound

Mon, Jul 17 2023 8:32 AM EDT

Manufacturing growth in New York area stalls, Fed survey shows

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

The New York Federal Reserve's Empire State Manufacturing Survey dropped 6 points to a reading of 1.1, representing the difference between companies seeing growth against 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 declined 4.8 points to a reading of -10.8. There was some good news on inflation, with both the prices paid and received indexes falling more than 5 points.

—Jeff Cox

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