Asian stocks rebounded from early losses after U.S. stocks hit record highs as investors pondered what Donald Trump’s return to the White House would mean for the global economy.

Hang Seng (^HSI) rose 2% in Hong Kong, and the Shanghai Composite (000001.SS) was up 2.6% by the end of the session.

It came as the Chinese government reported that exports rose nearly 13 percent in October from a year earlier, the fastest pace in two years, well ahead of September’s 2.4 percent increase.

However, the Nikkei (^N225) fell 0.3 percent on the day in Japan, reflecting concerns over the potential for a resurgence of trade tensions under the Trump administration.

Neil Newman, Head of Strategy for Astris Advisory Japan, said:

Across the pond on Wall Street, stocks hit record highs with the S&P 500 (^GSPC) jumping 2.5% to close at 5,929.04, while the Dow Jones (^DJI) increased by 3.6%, reaching 43,729.93. The technology-rich Nasdaq Composite (^IXIC) advanced by 3% to 18,983.47.

In the bond market, the yield on 10-year U.S. Treasuries rose to 4.435 percent from 4.411 percent late Tuesday.

Traders will also turn their attention to interest rate decisions later by both the US Federal Reserve and the Bank of England.