Asia-Pacific markets set for higher open, tracking Wall Street gains

Asia-Pacific markets are set to open higher on Tuesday, tracking gains on Wall Street.

Futures for Australia's S&P/ASX 200 stood at 7,956, slightly higher than the index's last close of 7,931.7.

Japan's Nikkei 225 futures pointed to a stronger open for the market, with the futures contract in Chicago at 39,985 and its counterpart in Osaka at 39,879 compared to the previous close of 39,599.

Hong Kong's Hang Seng index futures were at 17,741, higher than the HSI's last close of 17,635.88.

South Korea's producer price index in June rose 2.5% year-on-year, compared to a 2.3% climb in May.

Later Tuesday, India is slated to unveil its first budget under Prime Minister Narendra Modi's third five-year term. Analysts at Barclays expect the coalition government to signal policy consistency in the budget, "showcasing continued fiscal consolidation with a marginal shift in the spending mix."

"While maintaining focus on capex, we think the government will use increased receipts to fund higher revenue spending, balancing economic and political needs," Barclays wrote in a recent note.

Traders in Asia will also monitor Singapore's inflation data for June. According to economists polled by Reuters, the country's consumer price index is expected to climb 2.7% year-on-year. This compares to a 3.1% rise in May.

Overnight in the U.S., the S&P 500 rose to notch its best day since June 5 as tech shares bounced on the heels of the worst weekly loss for the index since April.

The benchmark climbed 1.08% to settle at 5,564.41 and clinch its best day since June 5, while the Nasdaq Composite advanced 1.58% to close at 18,007.57. The Dow Jones Industrial Average rose 127.91 points, or 0.32%, to finish at 40,415.44.

— CNBC's Samantha Subin and Hakyung Kim contributed to this report.