Japan’s Nikkei 225 benchmark increased by 0.87%, closing at a record high of 43,837.67, while the Topix saw a rise of 0.6%, finishing the trading session at 3,140.97. Asia-Pacific markets experienced an uptick on Wednesday, following the positive momentum. This rise was fueled by increasing optimism regarding a potential rate cut by the Federal Reserve, alongside investors evaluating the inflation data from China for August. Mainland China’s CSI 300 increased by 0.21%, finishing at 4,445.36. Hong Kong’s Hang Seng Index increased by 1.04%, while the Hang Seng Tech index rose by 1.82%.

In August, consumer prices in China experienced a decline of 0.4% year over year, as reported by the National Bureau of Statistics on Wednesday. This figure fell short of economists’ expectations, who had anticipated a decrease of 0.2%. In the meantime, the producer price index experienced a decline of 2.9% year over year, aligning with forecasts and showing improvement from the 3.6% decrease recorded in July. Shares of Alibaba Group, listed in Hong Kong, increased by 2.1% following a peak that approached a four-year high earlier in the trading session. Following the announcement from Chinese humanoid startup X Square Robot, it has been reported that the company successfully secured approximately $100 million in a funding round spearheaded by Alibaba Cloud.

South Korea’s Kospi index experienced an increase of 1.67%, closing at 3,314.53 after achieving a record high, marking its seventh consecutive session of gains. The seasonally adjusted unemployment rate in the country increased marginally to 2.6% in August, up from 2.5% in July, as reported by government data. The small-cap Kosdaq experienced an increase of 0.53%. In Australia, the S&P/ASX 200 experienced an increase of 0.31%, concluding at 8,830.4. India’s benchmark Nifty 50 increased by 0.56%, and the Sensex index saw a rise of 0.54%. Shares of Asian tech firms involved in Apple’s supply chain experienced an uptick following the launch of new iPhones, watches, and AirPods on Tuesday. Taiwan-based iPhone manufacturer Foxconn experienced a rise of 1.2%, while Samsung Electronics saw an increase of 1.4%. Despite the unveiling of Apple’s latest lineup, investor sentiment appeared lukewarm, resulting in shares of the Cupertino-based company closing down by 1.48%.

Indonesia’s Jakarta Composite Index increased by 1.06%, marking a recovery from its previous three-session decline. The index experienced a decline of 1.78% in the prior session following the unexpected dismissal of Finance Minister Sri Mulyani Indrawati by President Prabowo Subianto late Monday. The Indonesian rupiah appreciated by 0.15% to 16,446, following a decline of more than 1% in the prior session. Meanwhile, Singapore’s Straits Times Index surged more than 1% to achieve a new record high of 4,341.32. U.S. equity futures experienced a modest increase during Asian trading hours, as market participants anticipated the upcoming release of the latest producer price index on Wednesday and the consumer price index data on Thursday.

In the latest trading session, all three major U.S. benchmarks reached record highs as investors shifted their focus away from worries regarding lackluster jobs data and placed their bets on potential rate cuts by the Federal Reserve. The S&P 500 index closed up 0.27% at 6,512.61, while the Nasdaq Composite increased by 0.37% to finish the day at 21,879.49, with the latter achieving a new all-time intraday high as well. The Dow Jones Industrial Average closed higher by 196.39 points, representing a 0.43% increase, finishing at 45,711.34, driven by a notable rise in UnitedHealth shares.