Asian shares advance despite losses on Wall Street

Shares advanced in Asia on Tuesday after another wobbly day extended a losing streak on Wall Street.

Hong Kong advanced 2.5% and other regional benchmarks were moderately higher. Oil prices slipped.

Signs of progress in China's effort to bring outbreaks of coronavirus under control appeared to be outweighing concern over weaker than expected Chinese economic data for April.

Investors also are watching for comments by Federal Reserve officials that might provide insight into the U.S. economic outlook and future policy moves.

“Markets remain in fight or flight mode while rolling the dice on recession odds," Stephen Innes of SPI Asset Management said in a report. He added that, “traders seem to be in the mood to stay bearish until proven otherwise. However, there is still a lingering risk- on tone despite horrific Chinese data."

Hong Kong's Hang Seng gained 500 points to 20,450.95 while the Nikkei 225 in Tokyo climbed 0.4% to 26,659.75. In Seoul, the Kospi rose 0.8% to 2,618.37.

Australia's S&P/ASX 200 added 0.3% to 7,115.40 while the Shanghai Composite index was 0.4% higher, at 3,085.80.

Markets are trying to gauge how companies and consumers are dealing with higher prices and whether central banks can help ease the problem. On Wall Street, the major indexes have been slipping since early April.

On Monday the S&P 500 fell 0.4% to 4,008.01. It's coming off of a six-week losing streak. The Dow Jones Industrial Average eked out a gain, rising 0.1% to 32,223.42.

The tech-heavy Nasdaq fell 1.2% to 11,662.79.

Technology stocks were among the biggest losers. Apple fell 1.1%. Big tech companies, with their pricey values, tend to push the broader market both up or down. The sector has been a particularly heavy weight as investors worry about high inflation and rising...