Asian stocks are mostly higher after a shaky rally on Wall Street

• Hong Kong rose strongly as Chinese technology shares advanced.
• Tokyo, Seoul, and Sydney all saw increases in benchmarks.
• The Japanese economy shrank by 0.5 percent year on year in the first quarter due to a coronavirus outbreak, according to the Cabinet Office.
• Stocks in the United States rose on Tuesday as Treasury yields fell.
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BANGKOK: On Wednesday, Asian stocks were largely higher after U.S. stocks surged on significant purchasing of technology companies. Hong Kong rose strongly as Chinese technology shares advanced. Tokyo, Seoul, and Sydney all saw increases in benchmarks. Shanghai shrank. Oil prices have stayed close to $120 per barrel.

Investors want to know where interest rates, inflation, and the economy are headed.

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The Japanese economy shrank by 0.5 percent year on year in the first quarter due to a coronavirus outbreak, according to the Cabinet Office. This was less than the preliminary estimate of 1.0 percent contraction. The most recent data showed that consumer spending and other private demand were not as weak as previously anticipated.

The Nikkei 225 index in Tokyo rose 0.9 percent to 28,207.55, while the Kospi in South Korea remained unchanged at 2,625.13. The S&P/ASX 200 index rose 0.5 percent to 7,173.33 in Sydney.

The Hang Seng index in Hong Kong rose 1.7 percent to 21,897.83 points after Beijing approved a new batch of video games. This was interpreted as an indication that the business outlook for technology companies is improving following a lengthy regulatory onslaught.

Tencent, China’s largest gaming company, increased by 4.7 percent. Alibaba Group Holding rose 8.1 percent, while Meituan, a food delivery company, rose 3.6 percent. Asian stocks

Stocks in the United States rose on Tuesday as Treasury yields fell. The S&P 500 rose 1% to 4,160.68, reversing a 1% drop in the morning. After fluctuating between losses and gains throughout the day, the Dow Jones Industrial Average increased 0.8 percent to 33,180.14. The Nasdaq composite rose 0.9 percent to 12,175.23 points.

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Gains in Apple, Microsoft, and other technology stocks were among the main drivers of the market, as the 10-year Treasury yield dipped below 3%.

Energy producer stocks also surged as oil prices rose to about $120 per barrel, up more than 55% year to date. Exxon Mobil rose 4.6 percent, while ConocoPhillips rose 4.5 percent.