Asian markets made small gains early Wednesday and Japan shares stayed near 2 ½ month highs, before China releases the latest readings on the health of its economy.

Japan's Nikkei Stock Average and South Korea's Kospi were flat.

Australia's S&P/ASX 200 was up 0.4%.

Later today, Chinese officials will release October gauges of industrial production, retail sales and fixed-asset investment, or big-ticket projects.

"It's all about the [China] data today and the overhang from the Fed," said Andrew Sullivan, managing director at Haitong Securities, referring to the uncertain timing of plans to raise U.S. interest rates.

China's most recent data, from sagging exports to slowing consumer prices, has painted a discouraging picture of the world's No. 2 economy. On Wednesday, investors will look to results of China's Single's Day, a massive day of promotions for online sales held annually on Nov. 11, similar to Cyber Monday in the U.S., for a pulse check on the nation's consumers.

The day of shopping was started by Alibaba Group Holding in 2009 to entice single people to buy things to pamper themselves. Today, most major e-commerce websites and shoppers participate by offering deep discounts.

In the first 90 minutes of shopping on Wednesday, Alibaba surpassed $5 billion in gross merchandise volume, compared with $2 billion in sales in the first hour last year. The e-commerce giant booked $9 billion in total sales on Singles Day last year, when 43% of gross merchandise volume came from mobile devices.

This year, the company is expecting an even greater percentage of buyers to come from mobile devices. In the first 90 minutes of shopping Wednesday, some 72% of total gross merchandise volume processed through Alibaba's payments arm Alipay came from mobile devices.

Shares of the Nasdaq-listed firm finished flat in New York overnight and are down 22% this year. The Nasdaq Composite is up 7% year-to-date.

Meanwhile, regional stock markets remain under the sway of the Fed's plans to raise rates.

"Until the Fed moves, move of the large funds won't do very much," Mr. Sullivan said.

A rate rise would push up borrowing costs globally, pressuring sectors like property developers in Hong Kong, where the local dollar is pegged to the U.S. dollar.

U.S. stocks inched up Tuesday, but declines in technology-company shares, including Apple, muted gains.

Dimmer prospects for Apple Inc. could weigh on Asian suppliers. Shares of Apple declined 3.2% overnight. Credit Suisse lowered its forecast for Apple's earnings for 2016 by 6% to $9.81 a share, citing production-supply cuts.

Shares of Hong Kong-listed AAC Technologies Holdings Inc., which makes electrical components for Apple, are up 22% year-to-date compared with a loss of 5% in the broader market.

Brent crude oil is down 0.7% at $47.76 a barrel.

Gold prices are up 0.3% at $1,092.90 a troy ounce.

Jennifer Booton contributed to this article.

Write to Chao Deng at Chao.Deng@wsj.com

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(END) Dow Jones Newswires

November 10, 2015 21:15 ET (02:15 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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