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

Asia-Pacific markets were 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 was "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 0.67% lower at $101.50 per barrel as of 9:32 p.m. ET. Brent crude futures for July fell 0.80% at $106.91 per barrel.

South Korea's Kospi reversed losses at the start of the session to gain 1.21% while the small-cap Kosdaq was flat.

Japan's Nikkei 225 added 0.22%, while the Topix rose 0.94%. Australia's ASX slipped 0.26%.

China's CSI 300 was down 0.34% and Hong Kong's Hang Seng index was marginally higher

S&P 500 futures and Nasdaq 100 futures traded near the flatline. Futures tied to the Dow Jones Industrial Average added just 8 points.

During Tuesday's session, both the S&P 500 and Nasdaq Composite pulled back from their records. The broad market index slipped 0.16%, while the tech-heavy Nasdaq lost 0.71%. The Dow bucked these losses, adding 56.09 points, or 0.11%.

— CNBC's Lisa Kailai Han and Garrett Downs contributed to this report.