On Monday, Hong Kong-listed growth stocks had a strong day, as the Hang Seng Index gained +1.75% and the Hang Seng Tech Index gained +2.59% following U.S. President Donald Trump and China President Xi Jinping’s Friday phone call that took place after Asia markets closed and before the U.S. markets opened.

China’s government has begun incrementally stimulating their economy, which could be a tailwind for China equities, which may have bottomed in January of last year.

China and Hong Kong stocks fell on Wednesday after U.S. President Donald Trump hinted at new tariffs on Chinese imports, ending a brief reprieve for the markets.