Adani shares have seen a slight increase after the chairman of Adani Group reaffirmed the company’s disclosure standards. During the annual general meeting, Gautam Adani stated that the Hindenburg report contained misinformation and discredited allegations. He also highlighted that an Expert Committee found no instances of regulatory failure or breach in the group’s disclosures. As a result, shares of Adani Enterprise rose by 0.56%, Adani Transmission rose by 1.58%, and Adani Green added 1.52%.
Meanwhile, a professor at the University of Pennsylvania’s Wharton School, Mauro Guillen, emphasized the need for China to play a larger role in debt restructuring talks for vulnerable nations. Guillen stated that China’s involvement is crucial as the country has both the financial resources and influence with many of these nations. He criticized the West for not doing enough to bring China to the negotiating table and suggested that China’s focus on its own economic problems might be a factor in their lack of involvement.
In other news, real estate and technology stocks led the losses on the Hang Seng index as it tumbled over 2%. Longfor Group, a real estate developer, saw the biggest decline on the index with a slide of more than 9%. Among the technology stocks, JD Health International and Alibaba Health Information Technology were the biggest losers, falling more than 5% and 4.2% respectively.
The Reserve Bank of Australia (RBA) decided to hold interest rates steady in its July meeting, according to the minutes revealed. The central bank deemed that the current monetary policy was “clearly restrictive” at the prevailing cash rate of 4.1%. It also acknowledged the declining inflation and the risk of a decline in medium-term inflation expectations. The RBA considered raising rates by 25 basis points but concluded that it could lead to a slowdown in output growth.
Chinese property developer China Evergrande Group reported steep losses in its long overdue results for 2021 and 2022. The company posted a total net loss of 686.2 billion yuan ($95.68 billion) for 2021 and a total net loss of 125.8 billion yuan for 2022. The majority of the losses in 2022 were due to losses related to the return of lands, impairment losses on financial assets, and other non-operating losses. Evergrande’s total liabilities increased by 23% to 2.35 trillion yuan in 2022 compared to the previous year.
In the world of cryptocurrency, bitcoin experienced an 80% rally in the first half of 2023. CNBC Pro subscribers can read more about the forecasts for bitcoin’s performance in the latter half of the year from finance experts. Additionally, European semiconductor stocks are expected to face a tricky quarter due to a volatile earnings season. Barclays outlined key earnings expectations for ASML, Nokia, STMicro, and Infineon, and provided its medium-term outlook for the chip stocks.
Tech software ETF, the iShares Expanded Tech-Software Sector ETF, reached a new 52-week high with a gain of 1.2% on Monday. The ETF, which focuses on software, interactive media, and related companies, has gained almost 42% in 2023. The VanEck Semiconductor ETF also gained more than 1% and has experienced a 56.3% year-to-date rally.
More than 40 S&P 500 stocks hit fresh 52-week highs on Monday, including Booking Holdings, Cintas, and Rollins. Booking Holdings reached all-time highs dating back to its initial public offering in 1999, Cintas touched all-time highs since its debut in 1983, and Rollins achieved an all-time high since it began trading on the NYSE in 1968.
The Nasdaq 100 rebalance, set to become effective on July 24, will see Nvidia and Microsoft with the biggest downward adjustments. Apple will remain the largest stock in the group but with a smaller weighting than it currently has, according to Goldman Sachs.
Manufacturing growth in the New York area stalled in July, according to the New York Federal Reserve’s Empire State Manufacturing Survey. The survey dropped 6 points to a reading of 1.1, indicating that the number of firms seeing contraction was nearly equal to those seeing expansion. New orders remained unchanged, while shipments and inventories declined. On a positive note, both the prices paid and received indexes fell, indicating a decrease in inflation.