• Markets in mainland China and South Korea are closed Monday for Mid-Autumn festival. Japan markets are closed for the Respect for the Aged Day.
• Reaction to China's disappointing economic data is seen in the Hong Kong market.
• Typhoon Bebinca has led to cancellation of hundreds of flights in China and Shanghai is expected to be hit by the strongest storm since 1949.

Asia-Pacific markets were mostly higher Monday, as investors parsed through economic data from China and awaited the Federal Reserve's monetary policy move.

Hong Kong's Hang Seng index was up 0.13% as of its final hour of trading, reversing course in a choppy session.

China released a slew of worrying economic data over the weekend, with August factory output, retail sales and investment numbers missing expectations. Urban jobless rate rose to a six-month high while year-on-year home prices fell at their fastest pace in nine years.

The Fed is meeting on Tuesday and Wednesday, with central bankers expected to cut rates for the first time since 2020.

Australia's S&P/ASX 200 rose 0.27% to close at 8,122.60. The Taiwan Weighted Index added 0.42% to end at 21,850.08.

Markets in mainland China and South Korea were closed for Mid-Autumn festival. Japan markets were closed for Respect for the Aged Day.

Typhoon Bebinca has led to cancellation of hundreds of flights in China and Shanghai is expected to be hit by the strongest storm since 1949.

Asian investors also await a swath of key data and central bank decisions from the region.

Japan's inflation is expected to tick higher in August, according to a Reuters poll, backing the case for the Bank of Japan to stay hawkish as the board sets its policy on Friday.

The central bank is anticipated to keep the rate unchanged while signaling that further rate hikes were in the offing.

The Japanese yen strengthened to trade at 139.56 against the greenback, its strongest since July 2023.

China is poised to set its one- and five-year loan prime rates on Friday. The one-year rate, which affects most new and outstanding loans, is currently at 3.35%, while the five-year rate, that influences the pricing of mortgages, is currently at 3.85%.

After a rough start to a historically weak September, the three major U.S. indexes ended last week's trading session in the green, with the S&P 500 and tech-heavy Nasdaq Composite closing their best week of 2024.

The broad-based S&P 500 index advanced 0.54% to close at 5,626.02 and the Nasdaq Composite added 0.65% to 17,683.98 while the Dow Jones Industrial Average jumped 0.72% to close at 41,393.78.

Futures tied to the Dow Jones Industrial Average, the S&P 500 and the Nasdaq 100 were little changed.

—CNBC's Pia Singh contributed to this report.