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.

The CSI300 Index has dropped roughly 5% since Trump won the election on Nov. 5 with a threat to impose steep tariffs of 60% on Chinese goods, but had already rebounded over the past week amid gestures of goodwill between Beijing and Washington.

Donald Trump’s criticism of China on the campaign trail and after his election had raised the specter that Day 1 of his second presidency would reignite a trade war between the world’s two largest economies.