Asian shares jumped on Friday after a phone call between the U.S. and Chinese presidents raised hopes of a thaw in trade tensions, but gains were checked by signs of slowing global growth and a warning from tech giant Apple Inc on holiday sales.
MSCI’s broadest index of Asia-Pacific shares outside Japan touched a two-and-a-half-week high and was last up 1.4 percent, adding to the previous session’s strong gains.
But that came after a sharp 10.3 percent dive in October, its worst month since August 2015.
Chinese blue-chips gained 1.7 percent, and China’s start-up board added 3 percent after President Xi Jinping promised more support for private firms.
Japan’s Nikkei stock index was 1.2 percent higher.
The cheerier mood in Asian trade followed a rise in U.S. shares overnight, with the Dow Jones Industrial Average and the S&P 500 each gaining 1.06 percent while the Nasdaq Composite rallied 1.75 percent.[.N]
A combination of bargain-hunting following steep losses in equities last month and some strong corporate earnings have helped power Wall Street’s bounce.
After the bell, though, shares of Apple tumbled about 7.0 percent after it said sales for the crucial holiday quarter could miss Wall Street expectations due to weakness in emerging markets and foreign exchange costs.
Apple suppliers in Asia largely shrugged off the news as investors hoped some progress was being made on trade. Hon Hai Precision Industry Co gained 1.5 percent, and Taiwan Semiconductor Manufacturing Co added 0.2 percent. Tech rival Samsung Electronics Co Ltd also rallied, rising 2 percent.
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