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

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

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.

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

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

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

Carol Alexander, professor of finance at the University of Sussex, Jeff Kendrick of Standard Chartered and Antony Trenchev, CEO of crypto lending company Nexo, expressed their predictions.

CNBC Pro subscribers can read more here.

– Ryan Brown

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

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.

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.

–Darla Mercado, Chris Hayes

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

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