Asia markets set to open mixed as investors watch Trump-Xi meeting and Iran tensions

Asia-Pacific markets were set to open mixed Wednesday, as investors digest a hotter-than-expected inflation reading for April amid concerns over higher oil prices and the ongoing Middle East conflict.

President Donald Trump on Monday said the month-old ceasefire between the U.S. and Iran "unbelievably weak" and "on massive life support" after rejecting an "unacceptable" counterproposal from Tehran to end the conflict.

Defense Secretary Pete Hegseth said Trump doesn't need congressional approval to restart strikes on Iran. The comment comes after the administration passed the 60-day mark required by federal war powers law to receive authorization for military force.

Meanwhile, investors will also be focusing on developments related to the upcoming meeting between Trump and Chinese President Xi Jinping, where trade is expected to be discussed.

The West Texas Intermediate futures for June was 0.14% lower at $102.03 per barrel as of 7:23 p.m. ET. Brent crude futures for July last traded at $107.77 per barrel.

Japan's Nikkei 225 was poised to decline, with the Chicago futures contract at 62,470 and its Osaka counterpart last trading at 62,510, compared with the index's previous close of 62,742.57.

Hong Kong Hang Seng index futures were at 26,264, lower than the index's last close of 26,347.91.

In Australia, futures last traded at 8,675, while the S&P/ASX 200′s closed at 8,670.70.