Why Shares of China's Alibaba and PDD (Pinduoduo) Are Up So Much Today
It's a good day for the broad market, but Wednesday is proving to be a great day for several Chinese stocks. Shares of consumer-facing Alibaba Group (NYSE: BABA) are higher to the tune of 3.8% as of 12:30 p.m. ET today, while PDD Holdings (NASDAQ: PDD) stock -- the company formerly known as Pinduoduo -- is up 4.1% in that time frame.
Just don't look for any company-specific reasons for this pronounced strength. You won't find it. Wednesday's prod for sweeping bullishness among China's top e-commerce tickers is rooted in much broader news. That's China's surprisingly strong recovery of the nation's consumer spending.
China's National Bureau of Statistics unveiled encouraging data Wednesday morning, indicating the country's industrial production grew 4.6% last month. That's better than the 4.4% economists were anticipating, and up from September's pace of 4.5%.
Source Fool.com
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