Asia shares join global rebound as Fed hike fears ease, China tech boost

Asia shares join global rebound as Fed hike fears ease, China tech boost

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5% in early trading, the biggest gain in a week, buoyed by a 1.2% rebound in resources-heavy Australian shares, a 2.8% jump in Hong Kong stocks and a 0.7% rise for blue chips in mainland China.

Japan's Nikkei advanced 1.0%.

The Hang Seng tech index opened 4.5% higher, as first quarter revenues from tech giant Alibaba and Baidu beat forecasts.

The United States will not block China from growing its economy, but wants it to adhere to international rules, Secretary of State Antony Blinken said on Thursday in remarks that didn't come as a surprise to investors and political analysts.

Wall Street closed sharply higher overnight after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Fed encouraged buyers.

The Dow Jones Industrial Average rose 1.61%, the S&P 500 gained 1.99%, and the Nasdaq Composite 2.68%.

Upbeat guidance from retailers such as Department store operator Macy's Inc, discount chains Dollar General Corp and Dollar Tree appeared to offset dour warnings from their peers in recent weeks.

"Despite the fact that the five day gains on Wall St now at and above 4% suggests that the meltdown has been snapped, there should be