Asia-Pacific markets traded mixed on Wednesday, breaking ranks with Wall Street, as investors assessed China industrial profits data.

China's industrial profits slipped 1.5% from a year earlier in July, marking a notable recovery following months of steeper declines.

Separately, steep U.S. tariffs on India are set to take effect. Additional tariffs of 25% are set to take effect Wednesday, pushing overall duties on exports to the U.S. to 50%. Indian markets are closed for a holiday.

Japan's Nikkei 225 was marginally higher. Photographic equipment manufacturer Nikon Corporation led gains in the index, surging over 20% as of 10.04 p.m. ET Tuesday, as EssilorLuxottica, the maker of Ray-Ban sunglasses is looking at a potential deal to raise its stake in Nikon, according to Bloomberg.

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