PDD stock rises 7.01% to $69.90 as manufacturing activity grows

PDD Holdings Inc - ADR PDD shares are trading higher by 7.01% to $69.90. A private survey of China's manufacturing activity in May shows a rise in factory activity. House passing a debt ceiling has also helped lift market sentiment.

A recent survey by Bloomberg Markets found a marginal expansion in China's manufacturing activity in May, compared to official data indicating a decline in factory output. The Caixin manufacturing purchasing managers' index PMI, which focuses primarily on smaller and export-oriented businesses compared to the official PMI, climbed to 50.9 from 49.5 in April.

This rebound positioned the index above the critical 50 level that demarcates expansion from contraction, surprise economists surveyed by Bloomberg who had anticipated no change in the index.

China's Alibaba has joined DingTalk, an AI-based mobile app.

COVID infections could reach 65 million cases per week by the time the surge peaks at the end of June, according to CNBC.

Rhespiratory disease specialist Zhong Nanshan shared data on the new wave of infections during a recent medical conference in Guangzhou, CNBC reported.

Zhong Nanshan said the wave, which commenced in late April, was expected, with his modelling suggesting a potential surge of around 40 million weekly infections in China. By the end of June, he predicted, the weekly number of infections would reach its peak at 65 million.

According to Benzinga Pro, PDD has a 52-week high of $106.38 and a 52-week low of $38.80.