Asian shares rebound after Xi, Biden discuss troubled ties

Shares have advanced in Asia as investors step up buying despite another decline on Wall Street that kept the S&P 500 and the Nasdaq on track for their first weekly losses in three weeks

Shares advanced in Asia on Friday as investors step up buying despite another decline on Wall Street that kept the S&P 500 and the Nasdaq on track for their first weekly losses in three weeks. Benchmarks rose in Tokyo, Shanghai and Hong Kong after President Joe Biden spoke with China’s Xi Jinping on Thursday amid growing frustration on the American side over stalled high-level engagement between the two leaders. The yield on the 10-year Treasury note was steady at 1.31% and U.S. futures were higher. Markets appeared to take in stride a decision by the European Central Bank on Thursday to dial back some of its massive emergency pandemic support for the economy amid signs of increasing business activity and consumer readiness to spend as the 19 countries that use the euro rebound from the coronavirus recession.