Asia-Pacific markets set for higher open following a mixed trading session on Wall Street

Most Asia-Pacific markets are set to open higher Tuesday, following a mixed trading session on Wall Street as investors prepare for the Federal Reserve to kick off its monetary loosening cycle.

The Fed is expected to announce its first interest rate cut since March 2022, but markets are split over the size of the reduction from the two-day policy meeting which begins Tuesday.

U.S. retail sales data is also set to take center stage as investors monitor the health of the consumer in the lead up to the Fed's meeting.

Traders in Asia will also look toward Singapore's non-oil domestic exports for August, which are expected to rise 15% from a year ago, according to analysts polled by Reuters, but decrease 3.3% from the previous month.

Tuesday's economic data also includes India's wholesale prices for August, which are anticipated to have gained 1.85% year-on-year, a cooler reading than 2.04% in July.

Chinese appliance maker Midea Group is slated to debut in Hong Kong, with shares priced at 54.80 Hong Kong dollars apiece, in what would be the city's largest listing in more than three years.

Some Asian markets will be closed for Mid-Autumn Festival, namely South Korea, mainland China and Taiwan. Japan markets will return to trade Tuesday after being closed for a public holiday on Monday.

Futures for Australia's S&P/ASX 200 stood at 8,168, higher than the index's last close of 8,121.6.

The futures contract for Japan's Nikkei 225 in Chicago were traded at 36,650 and its counterpart in Osaka at 36,170 compared to the benchmark's previous close of 36,581.76.

Hong Kong's Hang Seng index futures were at 17,425, slightly higher than the HSI's last close of 17,422.12.

Overnight in the U.S., the Dow Jones Industrial Average rose 0.55% to a new