Asian shares rise as vaccine wait tempers Wall St optimism

TOKYO (AP) — Asian shares advanced Friday after China reported its economy expanded at an 18% annual pace in the first quarter of the year.

Jubilance over positive Chinese and U.S. economic data and another record high on Wall Street was tempered by caution over coronavirus outbreaks in the region, where rollouts of the vaccine have lagged.

Japan's benchmark Nikkei 225 gained 0.1% to finish at 29,683.37. Australia's S&P/ASX 200 recouped earlier losses, rising 0.1% to 7,063.50. South Korea's Kospi added nearly 0.2% to 3,199.88. Hong Kong's Hang Seng added 0.6% to 28,952.78, while the Shanghai Composite gained 0.7% to 3,423.30.

The contrast between the speed of vaccine rollouts in the U.S. and Asia has been striking. Nearly half of American adults have gotten at least one dose of the vaccine, and about 30% of adults in the U.S. have been fully vaccinated, according to the Centers for Disease Control and Prevention.

Japan, where inoculations for the public have barely started, has seen a resurgence of infections in recent weeks. The country’s western metropolis of Osaka reported over 1,200 new infections Thursday, its highest since the pandemic began. A top ruling party official suggested the possibility of canceling the Tokyo Olympics, set to start in July, if infections continue to surge.

“Nikkei 225 also lacked firm direction amid an indecisive FX trade, and as Japan considers stricter COVID-19 measures for areas surrounding Tokyo,” said Anderson Alvez, analyst at ActivTrades.

Prakash Sakpal and Nicholas Mapa, senior economists for ING, said the markets are awaiting the outcome of a meeting between Japanese Prime Minister Yoshihide Suga and President Joe Biden, set for the weekend.

China’s economy expanded at a sizzling annual pace of 18.3% in the first...