TOKYO -- Asian equities mostly climbed Wednesday in line with a Wall Street advance that followed a report showing US inflation last month was milder than economists had projected.

South Korea's Kospi jumped 6.2 percent to 7,284.41 as semiconductor shares recovered from recent losses. Computer chipmaker SK Hynix climbed 9.4 percent while Samsung Electronics rose 6.1 percent.

Japan's benchmark Nikkei 225 gained 1.3 percent to 68,613.89.

Australia's S&P/ASX 200 edged 0.4 percent higher to 8,841.10.

Hong Kong's Hang Seng rose 1.5 percent to 24,701.10 while the Shanghai Composite slipped 0.2 percent to 3,957.79 after China reported second-quarter growth of 4.3 percent annualized, down from 5 percent in the prior quarter.

Overall advances stayed measured amid concerns that the United States and Iran could slide back into open conflict, lifting oil prices. Investors also awaited spring earnings reports from major companies.

Fresh attacks have increased the threat of further interruptions to oil and gas shipments through the Strait of Hormuz.

In energy markets benchmark US crude added 30 cents to 79.64 dollars a barrel. Brent crude the global benchmark gained 62 cents to 85.35 dollars a barrel.

"The US-Iran Memorandum of Understanding signed last month has proved anything but durable. The two sides are again trading military strikes and hold sharply different views on conditions in the Strait of Hormuz," said Tim Waterer chief market analyst at KCM Trade.

"With shipping in the Gulf growing more perilous traffic volumes are falling once more," he added.

On Wall Street the S&P 500 rose 0.4 percent to 7,543.59 recovering part of the prior session's 0.8 percent decline. The Dow Jones Industrial Average ticked up less than 0.1 percent to 52,508.27 while the Nasdaq composite advanced 0.9 percent to 26,107.01.

Stocks drew support from lower bond yields that declined after data showed US consumer prices for gasoline food and other living costs rose 3.5 percent last month from a year earlier.

Reduced inflation may ease pressure on the Federal Reserve to lift interest rates. Higher rates curb inflation yet also restrain economic growth and weigh on asset prices.

After the inflation report traders placed less than a 17 percent chance on a Fed rate increase at the upcoming meeting in two weeks. Recoveries in major technology stocks also helped stabilize the market. Micron Technology rose 4.9 percent and Nvidia gained 4.1 percent after both had fallen sharply the previous day.

In the bond market the 10-year Treasury yield fell to 4.58 percent from 4.62 percent at the close of the prior session halting its climb from 3.97 percent before tensions with Iran escalated.

In currency trading the US dollar eased to 162.15 Japanese yen from 162.19 yen. The euro rose to 1.1446 dollars from 1.1425 dollars.