Traders in Asia will also look toward August consumer prices index from Japan and Hong Kong, and central bank decisions from Bank of Japan and People's Bank of China.

Traders in Asia are watching August trade data from China and India. China’s exports and imports are expected to grow by 6.5% year-on-year and 2%, respectively.

Asia-Pacific markets are set to open lower on Wednesday, despite gains on Wall Street ahead of the U.S. August consumer inflation report due Wednesday.