(fxcue news) - Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, as traders are cautious ahead of the release of key US inflation data and the Fed's latest meeting minutes later in the week for additional clues on the Fed's interest rate trajectory. They also look to pick up stocks at a bargain after the steep drop recently. Asian markets closed mostly lower on Tuesday. Middle East worries persisted and China's state planner announced no new plans for major stimulus after a highly anticipated announcement on plans to boost the country's ailing economy fell short of market expectations. The lack of concrete measures in China disappointed markets, given the numerous headwinds, from a prolonged housing crisis to sluggish consumption and local government debt. Australian shares are trading slightly higher on Wednesday, reversing some of the losses in the previous session, with the benchmark S&P/ASX 200 moving to near the 8,200 level, following the broadly positive cues from Wall Street overnight, with gains in technology and financial stocks partially offset by weakness in mining and energy stocks amid tumbling commodity prices. The benchmark S&P/ASX 200 Index is gaining 2.30 points or 0.03 percent to 8,179.20, after touching a high of 8,226.70 earlier. The broader All Ordinaries Index is up 3.70 points or 0.04 percent to 8,447.40. Australian stocks ended notably lower on Tuesday. Among major miners, BHP Group, Rio Tinto and Fortescue Metals are losing more than 1 percent each, while Mineral Resources is sliding more than 7 percent. Oil stocks are mostly lower. Woodside Energy and Beach energy are losing almost 2 percent each, while Santos is down more than 1 percent. Origin Energy is gaining more than 1 percent. In the tech space, Afterpay owner Block is gaining more than 4 percent, Zip is surging almost 7 percent and Appen is advancing more than 2 percent, while WiseTech Global and Xero are adding more than 1 percent each. Among the big four banks, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are all gaining almost 1 percent each. Among gold miners, Evolution Mining is edging down 0.2 percent, while Gold Road Resources and Newmont are gaining more than 1 percent each. Northern Star Resources and Resolute Mining are flat In the currency market, the Aussie dollar is trading at $0.674 on Wednesday. The Japanese stock market is trading notably higher on Wednesday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving to near the 39,200 mark, with gains across most sectors led by index heavyweights and technology stocks. The benchmark Nikkei 225 Index closed the morning session at 39,178.70, up 241.16 points or 0.62 percent, after touching a high of 39,456.28 earlier. Japanese stocks ended significantly lower on Tuesday. Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Honda is edging down 0.5 percent and Toyota is losing almost 1 percent. In the tech space, Advantest is advancing more than 3 percent, Tokyo Electron is adding more than 1 percent and Screen Holdings is gaining almost 3 percent. In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging down 0.2 to 0.4 percent each, while Mizuho Financial is losing almost 1 percent. Among the major exporters, Sony is edging up 0.3 percent and Canon is gaining 1.5 percent, while Mitsubishi Electric and Panasonic are edging down 0.2 to 0.5 percent each. Among other major gainers, Seven & I Holdings and Mercari are gaining almost 4 percent each, while Lasertec and IHI are adding more than 3 percent each. M3, Nitori Holdings, BANDAI NAMCO, Rakuten Group and Taiyo Yuden are advancing almost 3 percent each. Conversely, Idemitsu Kosan is declining more than 3 percent and Inpex is losing almost 3 percent. In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Wednesday. Elsewhere in Asia, New Zealand is up 1.6 percent, while Hong Kong, Singapore, Malaysia and Taiwan are higher by between 0.1 and 0.6 percent each. China is down 3.9 percent. Indonesia is relatively flat. South Korea is closed for Hangul Day holiday. On the Wall Street, stocks moved higher on Tuesday, with technology stocks turning in a strong performance. Pushing geopolitical concerns and interest-rate uncertainty aside, investors picked up stocks, choosing to focus on the earnings season. The major averages all ended on a firm note. The Dow ended the day with a gain of 126.13 points or 0.3 percent at 42,080.37, the S&P 500 settled at 5,751.13, gaining 55.19 points or 0.97 percent and the Nasdaq ended higher by 259.01 points or 1.45 percent at 18,182.92. Meanwhile, the major European markets moved to the downside on the day. The U.K.'s FTSE 100 closed down 1.36 percent, Germany's DAX ended lower by 0.2 percent and France's CAC 40 settled 0.72 percent lower. Crude oil prices tumbled Tuesday as supply disruptions concerns eased a bit on reports Israel is unlikely to attack Iranian oil facilities. West Texas Intermediate Crude oil futures for November sank $3.57 or 4.63 percent at $73.57 a barrel.