Asian stock markets followed Wall Street higher on Wednesday after US inflation ticked up and Japanese machinery orders fell.

Shanghai, Hong Kong, Seoul and Sydney rose. Tokyo was off less than 0.5%.

Wall Street’s benchmark S&P 500 index closed 0.3% higher in choppy trading. Tech and consumer stocks gained on optimism the vaccine rollout will allow business activity to return to normal. Johnson & Johnson declined after US regulators suspended use of its single-dose vaccine to investigate possibly dangerous blood clots.

The US government reported consumer prices increased by a stronger-than-expected 0.6% in March, the fastest rate since 2012. Higher inflation normally fuels fears interest rates might be raised to keep prices stable, but the Federal Reserve has said the economy will be allowed to “run hot” to ensure a recovery is in place.

Traders “took the well-telegraphed inflation ‘pick-up’ in stride,” said Stephen Innes of Axi in a report. Market also are “seemingly unfazed” by the J&J suspension. The Shanghai Composite Index gained 0.2% to 3,401.72 and Hang Seng in Hong Kong advanced 1.2% to 28,850.00.