Asian stocks drift sideways as Trump-Xi meeting approaches

Asian stocks are set for a cautious start on Wednesday as investors move to the sidelines before a potentially tense meeting between Donald Trump and Chinese President Xi Jinping later this week.

US crude rose to USD 51.30 per barrel on Tuesday, its highest since March 8 before settling at USD 51.14 per barrel in opening trades on Wednesday.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat with early Asian markets such as Australia and South Korea slightly higher.

Major currencies traded in a narrow range ahead of the release of minutes from the Fed's March meeting when it raised interest rates, and before the big US jobs report on Friday.

The dollar edged 0.1 percent higher to 110.82 yen against the Japanese currency. The dollar index , which tracks the greenback against a basket of six trade-weighted peers, was broadly flat at 100.49. The euro was a shade stronger at USD 1.06810.

Gold was trading at USD 1,255.21 per ounce, just below a one-week high hit in the previous session.

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Asian stocks drift sideways as Trump-Xi meeting approaches