Asia-Pacific markets mostly rise ahead of Australia's May inflation data

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• Australia's weighted consumer price index for May is expected to be at 3.8%, according to a Reuters poll of economists, higher than the 3.6% recorded in April.
• Singapore's May factory output data will also be released Wednesday, with a Reuters poll predicting a 2% year-on-year growth, compared with a 1.6% decline recorded in April.

Asia-Pacific markets mostly rose Wednesday as investors anticipate Australia's inflation numbers for May and Singapore's May manufacturing output data.

Australia's core inflation rate is expected to come in at 3.8% in May, according to a Reuters poll of economists. This is higher than the 3.6% recorded in April.

Should inflation come in higher than expected and spur the Reserve Bank of Australia to raise rates, it would be the first major Asia-Pacific central bank to do so in an environment where investors are waiting for rate cuts, barring Japan. RBA Governor Michelle Bullock recently revealed the central bank discussed hiking rates at its last meeting.

The RBA has two inflation readings to consider — June 26 and July 31— before its next meeting on Aug. 6.

Singapore's May factory output will also be released Wednesday, with a Reuters poll of economists predicting a 2% year-on-year growth rate, as compared to a 1.6% decline recorded in April.

Australia's S&P/ASX 200 lost 0.70% Wednesday.

Japan's Nikkei 225 gained 0.50% in morning trade while the broad-based Topix was up marginally. South Korea's Kospi gained 0.16% while the small-cap Kosdaq traded close to the flatline.

Hong Kong Hang Seng index futures were at 17,958, lower than the HSI's last close of 18,072.9.

Overnight in the U.S., the Dow Jones Industrial Average declined, shedding 0.76% and closing at 39,112.16. Led by an Nvidia rebound, the broad market S&P 500 added 0.39% while the Nasdaq Composite advanced 1.26%, with both indexes ending three-day losing streaks.

— CNBC's Hakyung Kim and Samantha Subin contributed to this report.