The Zhitong Finance App learned that on Wednesday, popular Chinese securities rose more than 9%, Alibaba (BABA.US) rose more than 9%, BABA.US (BABA.US) rose more than 7%, BILILI.US (BILI.US) rose more than 5%, and Xiaopeng Group (XPEV.US), PONY.US (PONY.US), and JD.US (JD.US) rose more than 3%. Furthermore, Hong Kong stocks surged today, with the Hang Seng Index up 1.4% and the Hang Seng Technology Index up 1.3%.

According to the news, the US Producer Price Index (PPI) data for June fell short of expectations across the board, further confirming that inflationary pressure is fading. Following the unexpected weakening of the CPI data, the PPI data once again confirmed that the fall in energy prices is the core driving force behind the current cooling of inflation, and the market immediately lowered expectations for the Federal Reserve's interest rate hike in July.

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