The ASX opened higher in morning trading after rallies on Wall Street, but was slightly down after midday. Oil is trading higher as US President Donald Trump and Chinese leader Xi Jinping discuss the war. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

Asian markets looked set for a mixed open Wednesday as investors grappled with hotter-than-expected inflation, U.S.-Iran tensions and U.S.-China trade talks.

Trump is expected to encourage China to convince Iran to make a deal with Washington to end the Middle East war, but analysts doubt that Xi will be willing to push Tehran too hard.