Asian shares mostly higher after wobbly rally on Wall St

BANGKOK — Shares were mostly higher in Asia on Wednesday after U.S. stocks rallied on heavy buying of technology companies. Advancing Chinese technology shares also pushed Hong Kong sharply higher.

Benchmarks likewise rose in other regional markets. Oil prices remained near $120 per barrel.

Investors are waiting for more clarity on where interest rates, inflation and economies are heading.

Japan’s economy contracted at a 0.5% annual rate in the first quarter amid a major outbreak of coronavirus, the Cabinet Office reported. That was smaller than the 1.0% contraction in the preliminary estimate. The latest data showed consumer spending and other private demand was not as weak as earlier thought.

Tokyo’s Nikkei 225 index gained 1% to 28,234.29 while the Kospi in South Korea was little changed at 2,626.14. In Sydney, the S&P/ASX 200 advanced 0.4% to 7,121.10.

Hong Kong’s Hang Seng…