Emerging-market stocks rose for the first time in five days amid signs of improving corporate performance in Asia and a thaw in US-China relations.

The benchmark MSCI Emerging Markets Index rebounded above its 50-day moving average, with Taiwan Semiconductor Manufacturing Co. contributing a third of the gauge’s gains after posting the first monthly sales increase since February. Alibaba Group Holdings Ltd. and JD.com Inc. advanced after posting an increase at the Nov. 11 Singles Day shopping event.

Investors are awaiting results from Asian technology and e-commerce firms to gauge whether China’s stimulus is helping quicken the country’s post-Covid recovery. Meanwhile, sentiment is improving as Beijing signals it wants to improve relations with the US, ahead of this week’s meeting between presidents Xi Jinping and Joe Biden. China may unveil a commitment for Boeing’s 737 jetliner during the APEC Summit in San Francisco.

Read more: China Weighs Ending Freeze on Boeing With 737 Max Deal in US

Most sovereign bonds advanced Monday, with Colombia and Gabon leading the gainers in the dollar-bond space. The average risk premium on emerging-market debt over Treasuries narrowed to about 426 basis points, according to indicative data from JPMorgan Chase & Co.

That followed an increasing preference among investors in US exchange-traded funds for developing-nation bonds over stocks. The iShares JPMorgan USD EM Bond ETF received $388 million of fresh inflows last week, the biggest deposits since January. The biggest emerging-market equity ETFs, on the other hand, failed to garner substantial inflows.

Equity markets outside Asia were muted, trading with small gains, while bonds and currencies were stuck in a range. Investors refrained from taking big bets before Tuesday’s US inflation data which may yield clues on the policy direction of the Federal Reserve.

Goldman Sachs Group Inc. offered a cautious view on China, lowering its recommendation on the country’s Hong Kong-listed stocks, while maintaining a bullish view on its shares traded on the mainland. Morgan Stanley, on its part, had highlighted its preference for A-shares in a note dated Nov. 12, while staying equal-weight on China overall.

Read more: Goldman Downgrades Hong Kong-Traded China Stocks, Raises India

The Israeli shekel fluctuated between gains and losses after the US conducted airstrikes on eastern Syrian locations linked to Iran, while Biden continued his efforts to free hostages seized by Hamas last month.