May 23, 2024

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Hong Kong shares fell 2%, dragged down by real estate and technology. Asian markets are mixed

Hong Kong shares fell 2%, dragged down by real estate and technology.  Asian markets are mixed

1 minute ago

Adani shares rose slightly after the chairman reaffirmed the company’s disclosure standards

The Adani Group chairman on Tuesday confirmed the company’s disclosure that no breach had been found and that the Hindenburg report carried misleading information.

“The report was a mixture of targeted misinformation and false allegations, most of which date from 2004 to 2015,” group chairman Gautam Adani said in a speech to shareholders during the annual general meeting.

He added that the panel of experts looking into the matter had not found any regulatory failure and confirmed that the group’s disclosures had not found “any cases of any breach”.

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

– Lee Ying Chan

3 hours ago

The university professor said China needs to play a bigger role in debt restructuring talks for weak countries

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

The United States and Europe need to engage with China in debt restructuring talks for countries at risk because “China has money” and influence with many of these countries, Guillen told CNBC’s “Squawk Box Asia.”

His remarks come on the heels of the G20 finance ministers meeting in Gandhinagar, India.

A breakthrough remains to be found on how much assistance will be provided to low-income countries in need of debt restructuring.

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

Charmaine Jacob

2 hours ago

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

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

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The real estate development company Longfor Group was the biggest loser on the index, as its shares fell by more than 9%, while Country Garden Holdings fell by 6.67%.

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

3 hours ago

The Reserve Bank of Australia kept interest rates steady amid falling inflation and the risk of further lower output growth

The Reserve Bank of Australia was weighing whether to keep interest rates steady, or raise by 25 basis points at its meeting in July, Minutes revealed.

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

He also acknowledged that inflation is declining, and will help mitigate the risk of rising inflation expectations over the medium term.

The bank said the risks of slower output growth are more than expected if interest rates are raised, noting that there is “significant uncertainty” about household consumption.

Read more here.

– Lim Hwi Ji

5 hours ago

China’s Evergrande reports huge losses in 2021 and 2022, liabilities are up

Chinese real estate developer China Evergrande Group posted huge losses on its long-awaited results for 2021 and 2022.

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 the year 2022, The majority of losses The losses related to land restitution, financial asset impairment losses and other non-operating losses amounted to 69.37 billion yuan.

Liabilities for Evergrande totaled 2.35 trillion yuan last year, up 23% compared to 2020While its total assets reached 1.8 trillion yuan, down 20% from the previous two years.

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– Lim Hwi Ji

6 hours ago

CNBC Pro: After Bitcoin’s 80% Spike, Market Experts Predict Where It Will Head Next in 2023

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

Carole Alexander, Professor of Finance at the University of Sussex, Jeff Kendrick of Standard Chartered, and Anthony Trenchev, CEO of cryptocurrency lending firm Nexo, reveal their predictions.

CNBC Pro subscribers can read more here.

– Ryan Brown

6 hours ago

CNBC Pro: Barclays sees “limited benefit” from AI noise for these European chip stocks before earnings

European semiconductor stocks are set to face a “tough quarter” thanks to the “volatile earnings season” that begins this week, according to Barclays.

The investment bank has laid out major earnings forecasts 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

The tech software ETF reached a new 52-week high

On Monday, the iShares Expanded Tech-Software ETF rose 1.2%, hitting a 52-week high.

The ETF, which targets exposure to software, interactive media, and related companies, 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. its history. gathering.

see chart…

ETF technical software

14 hours ago

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

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

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

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Cintas jumped to all-time highs dating back to its inception in 1983. The company’s fashion resource touched a high of $503.70. Cintas posted an outperformance late last week, with fiscal fourth-quarter earnings of $3.33 per share, and revenue of $2.28 billion.

Pest control giant Rollins touched a high of $44.78, its highest level ever since it began trading on the New York Stock Exchange in 1968.

Darla Mercado, Chris Hayes

12 hours ago

How does the rebalancing of the Nasdaq 100 affect Megacap Tech

Details are starting to pour in about the rebalancing of the Nasdaq 100, which will take effect on July 24.

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

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

– Jesse Pound

18 hours ago

The Federal Reserve’s survey showed manufacturing growth in the New York area

Manufacturing activity in areas of New York nearly came to a halt in July, with many companies reporting expansions like contractions.

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

New orders changed little 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 prices paid and indices received down more than 5 points.

– Jeff Cox