This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets are trading mostly higher Wednesday, following gains on Wall Street that saw the Nasdaq Composite surge to record highs after November's inflation report met expectations.

Traders in Asia assessed jobs data from Australia, which showed the country's unemployment rate dropped to 3.9% in November from 4.1% the month prior. A poll of economists from Reuters had expected the rate to rise to 4.2%.

Australia's S&P/ASX 200 was trading down 0.15%.

Japan's Nikkei 225 climbed 1.5% in trading, while the Topix gained 1.2%.

South Korea's Kospi index was up 0.75%, while the small-cap Kosdaq gained 1.1% as investors appear to shrug off the political turmoil in the country.

China's CSI 300 opened flat. Hong Kong's Hang Seng index was up 0.1% as investors awaited the city's industrial production data for the third quarter, which will be released later in the day.

In the U.S. on Wednesday, relatively tame inflation data fueled hopes for an interest rate cut from the Federal Reserve next week.

The tech-heavy Nasdaq rose 1.77% to end at 20,034.89 and post an all-time high and a closing record.

The broad market S&P 500 gained 0.82% to close at 6,084.19. The Dow Jones Industrial Average was the outlier, falling 99.27 points, or 0.22%, to 44,148.56.

Nvidia rose more than 3%, while Tesla advanced nearly 6%, alongside a broader rise in several major companies.

— CNBC's Sean Conlon and Alex Harring contributed to this report.

Most Japan firms expect Trump presidency to harm business environment: Reuters survey

A majority of Japanese companies expect the incoming U.S. president-elect Donald Trump's next term to have a negative impact on their business environment, according to a Reuters survey.

The poll found that 73% of respondents expect negative impact on their business, citing planned tariff hikes and U.S.-China trade tensions as causes of concern. Trump has threatened imposing tariffs in excess of 60% on imports of Chinese goods.

Meanwhile, the rest expected a positive impact from Trump's presidency, citing an expected expansion of U.S. domestic demand through tax cuts and likely revisions to energy and environmental policies.

— Dylan Butts

CNBC Pro: Analysts have hiked price targets on these 5 stocks ahead of earnings next month

Analysts have hiked price targets on these 5 stocks ahead of earnings next month

At least ten Wall Street analysts have turned bullish on four of those five stocks ahead of their quarterly earnings reports.

CNBC Pro subscribers can read more here.

— Ganesh Rao

S&P 500 moves in line with historical trends for post-CPI trading, data shows

Wednesday's S&P 500 rally on the back of the consumer price index is tracking to be nearly in line with historical standards, data shows.

The broad index is trading about 0.92% higher just before 1:30 p.m. ET. Since 2000, the S&P 500 has risen 0.86% on the average trading day following the release of CPI data, according to Bespoke Investment Group.

"Back in late 2022 and early 2023, the monthly release of CPI was to the market what The Eras Tour was to Swifties," Bespoke wrote in a post on social media site X, referencing Taylor Swift's recently concluded tour. "It was an event. Not so much anymore."

CPI data for November released Wednesday morning came in line with economists' expectations.

— Alex Harring

19 stocks hit new 52-week highs

Nineteen stocks in the S&P 500 hit fresh 52-week highs during Wednesday's session.

Among them, 12 notched new all-time highs. Here are some of those names that reached that milestone:

• Alphabet trading all-time highs back to its initial public offering on Aug. 19, 2004
• Meta Platforms trading at all-time-high levels back to its IPO in May 2012
• Netflix trading at all-time-high levels back to its IPO in May 2002
• Amazon trading at all-time-high levels since back to its IPO in May 1997
• Deckers Outdoor trading at all-time highs back to its IPO in October 1993
• Costco trading at all-time-high levels back to its IPO in December 1985
• Apple trading at all-time-high levels back to its IPO in December 1980
• ServiceNow trading at all-time-high levels back to its IPO in June 2012

Meanwhile, a few names, including CVS Health, hit new 52-week lows in the session. Shares of the company were trading at lows not seen since March 2020.

— Sean Conlon, Christopher Hayes

CPI report for November comes in line with expectations

Inflation rose slightly in November, matching expectations.

The consumer price index rose 0.3% month over month and 2.7% year on year for November. That is in line with what economists polled by Dow Jones anticipated.

Core CPI, which strips out food and energy, increased 0.3% month over month. Year over year, it advanced 3.3%. Both matched expectations.

— Fred Imbert