Global markets displayed mixed performances on Tuesday as investors weighed upcoming corporate earnings alongside the rising threat of new U.S tariffs, with President Donald Trump’s August 1 deadline for new trade measures looming large.

In Asia, stock indexes moved cautiously. Japan’s Nikkei 225 edged up 0.2% to 39,892.81, buoyed by Prime Minister Shigeru Ishiba’s announcement that he would remain in office despite his party’s poor performance in weekend elections.

The yen gained strength on the news, reaching 147.08 against the dollar before retreating slightly from Friday’s 148.80 level.

Elsewhere, Hong Kong’s Hang Seng Index rose 0.3% to 25,074.15, continuing its upward trend driven by gains in Chinese tech stocks and a steady flow of capital from mainland investors.

Shanghai, Sydney, and Taipei also saw modest gains, while markets in Singapore, Seoul, Wellington, and Manila recorded losses.

Investors remained cautiously optimistic after a strong session on Wall Street.

The S&P 500 closed above 6,300 points for the first time, and the Nasdaq hit another record high.

The rally was driven in part by expectations that U.S. trading partners will reach agreements to avert steep tariffs that Trump has threatened.

So far, only three trade deals have been finalized. White House Press Secretary Karoline Leavitt hinted that more agreements could be secured before the deadline but warned that the president may also introduce new tariffs if progress stalls.

Trump’s earlier tariff threats on April 2 had shaken global markets, but subsequent delays and investor skepticism have led to more muted responses this time.

Analysts believe markets are betting that the president may soften his stance at the last minute.

However, some experts caution against complacency. Stephen Innes of SPI Asset Management warned that investors might be blindsided next week:

“The new tariff regime isn’t being priced full stop. Markets have seen this movie before: tough talk, last-minute extensions, and deal-making in overtime. But this time, Trump isn’t bluffing. He’s already posted ‘No extensions will be granted’,” Innes wrote.

“The new rates 30% on the EU, 35% on Canada, 50% on Brazil — are politically loaded and economically radioactive. If they go live, there’s no soft landing.”

In Japan, political instability also weighed on sentiment. Despite losing his ruling coalition’s majority in Sunday’s lower house election after a similar setback in the upper house Prime Minister Ishiba refused to step down. Analysts, however, say his hold on power is fragile.

Christy Tan of Franklin Templeton Institute noted:

“Ishiba now faces heightened political headwinds, including pressure over inflation, taxes, and U.S. trade talks.”

Investors are also closely watching quarterly earnings from several major global firms this week. Tesla, Alphabet (Google’s parent company), General Motors, Intel, and Coca-Cola are among those set to release results.

While performance metrics will be key, market watchers are more focused on forward guidance amid the ongoing trade uncertainty.

Key Market Indicators (as of 02:30 GMT):

Tokyo (Nikkei 225): +0.2% at 39,892.81

Hong Kong (Hang Seng): +0.3% at 25,074.15

Shanghai Composite: +0.1% at 3,563.59

USD/JPY: 147.50 (up from 147.42 Monday)

EUR/USD: $1.1690 (up from $1.1688)

GBP/USD: $1.3484 (down from $1.3485)

EUR/GBP: 86.69 pence (up from 86.68 pence)

WTI Crude: –0.7% at $66.70 per barrel

Brent Crude: –0.9% at $68.62 per barrel

Dow Jones (NY): Flat at 44,323.07

FTSE 100 (London): +0.2% at 9,012.99

The death toll from Monday’s devastating fighter jet crash in Dhaka, Bangladesh, has risen to 27, officials confirmed Tuesday.

The majority of victims were schoolchildren caught in the tragic incident when a military aircraft slammed into the Milestone School and College.

According to Sayedur Rahman, special assistant to the chief adviser for the Ministry of Health and Family Welfare, “So far, 27 people have died.

Among them, 25 are children and one is a pilot.” He added that 78 others are currently receiving treatment in various hospitals.

The crash occurred shortly after students had been dismissed from class.

The Chinese-made F-7 BJI fighter jet was on a routine training mission when it went down, making the incident Bangladesh’s deadliest aviation accident in decades. More than 170 people were injured in the disaster.

The Bangladesh military said in a statement that the pilot, Flight Lieutenant Towkir Islam, had “reportedly encountered a mechanical failure.”

Although an investigation is ongoing, the exact cause of the crash has not yet been determined.

In a tragic effort to reduce casualties, the pilot attempted to avoid a densely populated area, but was unable to prevent the crash into the school campus.

As the military stated, the pilot tried to divert the aircraft but, “despite his best efforts,” it “crashed into the two-storey school building.”

In response to the national tragedy, Bangladesh’s interim government declared Tuesday a day of national mourning.

Interim leader Muhammad Yunus offered his condolences in a post on X (formerly Twitter), saying:

“The loss suffered by the Air Force, the students, parents, teachers, and staff of Milestone School and College, as well as others affected by this accident, is irreparable.”

“This is a moment of profound pain for the nation,” Yunus added, expressing “deep grief and sorrow” over the incident.

The catastrophe has left a wave of sorrow and anguish across the country.

Images from the scene showed emergency teams combing through debris while devastated family members gathered at hospitals seeking news of their loved ones.

Torrential rainfall brought by Typhoon Wipha has paralyzed much of the Philippine capital, Manila, and surrounding provinces, leaving thousands displaced and two individuals missing.

Heavy downpours overnight caused the Marikina River to overflow, prompting emergency evacuations.

According to Wilmer Tan from the Marikina rescue office, the river reached a dangerous height of 18 meters (59 feet).

“Usually these people are from low-lying areas like beside creeks [feeding into the river],” Tan explained, referring to the 23,000 residents evacuated from areas near the river. Another 25,000 people were forced to flee their homes in Quezon and Caloocan cities.

Schools and government offices were shut down across Metro Manila as widespread flooding halted daily activities.

Rescue operations were ongoing Tuesday, following reports that an elderly woman and her driver were swept away while trying to cross a swollen creek in Caloocan.

“Their car was recovered last night. The rescue operation is continuing, but as of today, they haven’t found either of them,” said John Paul Nietes, an assistant supervisor at the emergency operations center.

“The car window was broken, so the hope is that they were able to escape.”

Though floodwaters had begun to recede by Tuesday morning, many evacuees remained in shelters, unable to return to their homes.

Since Tropical Storm Wipha brushed past the Philippines last Friday, at least three deaths and seven missing persons have been recorded in the central and southern regions, according to the National Disaster Risk Reduction and Management Council.

The Philippines, which experiences around 20 typhoons or storms annually, continues to face severe impacts from climate change, with extreme weather events growing in intensity. Poor and low-lying communities remain particularly vulnerable.

“This is hard, because if the rain continues… the river will swell,” said Avelina Lumangtad, a 61-year-old street sweeper, as she stood near a flooded road.

“The floods are dangerous.”