Hong Kong stocks surged on Monday, rebounding from the biggest sell-off in a month at the start of a week packed with earnings reports from bellwether companies and a deluge of US economic data delayed by the government shutdown.

The Hang Seng Index rose 2%, while the Hang Seng Tech Index gained 2.8%.

In terms of star stocks, Kuaishou rose 7%; NetEase, NIO, and Bilibili rose 6%; Alibaba rose 5%; Baidu, Li Auto, and XPeng rose 4%; Meituan rose 3%; Tencent, BYD, Mixue Group, JD.com, and Xiaomi rose 2%.

The risk-off mood that spurred an exodus from risk assets including bitcoin and tech stocks last week eased after Federal Reserve governor John Williams flagged his support for an interest-rate cut this month, a comment that should help support the lofty valuations of the so-called Magnificent Seven US tech titans. The possibility of a 25-basis-point cut at the Fed’s policy meeting on December 11 rose to 69.4% from 44.4% a week ago, according to the CME Group.

Sentiment also got a fillip after a media report said that the US government was mulling allowing Nvidia to resume supply of its most advanced AI chips to China. Lifting the ban would boost the business prospects of Nvidia, which beat estimates in its quarterly results last week.

Meanwhile, investors are closely monitoring overdue US economic data that will shape the outlook for the Fed’s monetary policies. The data due for release this week includes producer inflation, retail sales and initial jobless claims.

Corporate results will also come to the fore among investors, with companies including Meituan and Li Auto also due for earnings releases this week. Alibaba may say after the market close on Tuesday that net income for the quarter ending in September fell 78% from a year ago based on the international accounting standard, according to the consensus estimates of the analysts surveyed by Bloomberg. The e-commerce operator is the biggest member on the Hang Seng Index with a 9.65% weighting.