Chinese e-commerce giants Alibaba Group Holding Ltd. (NYSE:BABA) and PDD Holdings, Inc. (NASDAQ:PDD) saw their shares rise on Monday after China reported a stronger-than-expected jump in retail sales.
The Details: China’s National Bureau of Statistics announced that retail sales of consumer goods surged 6.4% year-on-year in May, reaching 4.13 trillion yuan (about $575.3 billion) and signaling renewed consumer momentum in the world’s second-largest economy.
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China’s May data marked an acceleration from April’s 5.1% …