Markets in the Asia-Pacific region are predicted to begin trading lower in anticipation of Australia's inflation data release.

• The weighted CPI in Australia is predicted to increase at a slower pace of 3.4% annually, compared to the 3.8% rise recorded in June.
• The Reserve Bank of Australia's last meeting minutes showed that the central bank had contemplated increasing interest rates to control inflation.

Asia-Pacific markets climbed on Wednesday, ahead of Australia's July inflation numbers.

The Reserve Bank of Australia's last meeting minutes showed that the central bank had contemplated increasing interest rates in an effort to control inflation.

The weighted CPI in Australia is predicted to increase at a slower pace of 3.4% annually, compared to the 3.8% rise recorded in June.

The S&P/ASX 200 for Australia ended at 7,996, which was below its previous closing price of 8,071.2.

The futures market in Japan is predicted to have a weaker opening, with the Chicago contract at 38,170 and the Osaka contract at 38,230, compared to the previous close of 38,288.62.

The HSI's last close of 17,874.67 was higher than Hong Kong's futures at 17,871. Chinese online retailer JD.com announced a $5 billion buyback, resulting in a 2.24% increase in its U.S. listed shares.

In the U.S., the three major indexes finished higher overnight, with the Dow Jones Industrial Average increasing by 0.02% to end at a new record close of 41,250.5, as investors anticipate the earnings report of tech giant Nvidia on Wednesday.

The Nasdaq Composite and the S&P 500 both experienced a slight increase of 0.2%, ending the day at 17,754.82.

—CNBC's Lisa Kailai Han and Brian Evans contributed to this report.