US Stock Market Move | Popular Chinese concept stocks generally rose, with MNSO (MNSO.US) rising more than 9%.

On Wednesday, popular Chinese concept stocks rose across the board. MNSO (MNSO.US) rose more than 9%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose more than 7%, Bilibili, Inc. Sponsored ADR Class Z (BILI.US) rose more than 5%, Xiaopeng Motors (XPEV.US), Pony.ai (PONY.US), and JD.com, Inc. Sponsored ADR Class A (JD.US) rose more than 3%. In addition, Hong Kong stocks surged today, with the Hang Seng Index rising by 1.4% and the Hang Seng Tech Index rising by 1.3%. On the news front, the U.S. Producer Price Index (PPI) data for June was lower than expected, further confirming that inflation pressures are easing. Following unexpectedly soft CPI data, the PPI data once again confirms that the decline in energy prices is the core driver of the current cooling inflation, prompting the market to lower its expectations of a rate hike by the Federal Reserve in July.