Asia markets live: Federal Reserve, Australia CPI

India has overtaken China to become the top exporter of smartphones to the U.S., according to research firm Canalys, reflecting the shift in manufacturing supply chain away from Beijing amid tariff-fueled uncertainty.

Smartphones assembled in India accounted for 44% of U.S. imports of those devices in the second quarter, a significant increase from just 13% in the same period last year. Total volume of smartphones made in India soared 240% from a year earlier, Canalys said.

In contrast, the share of Chinese smartphone exports to the U.S. shrank to 25% in the quarter ended June, from 61% a year earlier, Canalys data released Monday showed. Vietnam’s share of smartphone exports to the U.S. was also higher than that of China at 30%.

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— Anniek Bao

Singapore Airlines’ shares plunged a day after the carrier reported a 59% drop in its first-quarter earnings.

SIA shares fell more than 8% Tuesday to log their largest intra-day decline in nearly an year, data from LSEG showed. It was last down 7.11%.

Net profit fell to 186 million Singapore dollars ($144 million) for the quarter ended June 30, according to the company’s earnings report. SIA attributed the drop to reduced interest income and losses from its associates.

— Lee Ying Shan

Shares of babycare and baby product companies rose Tuesday after China launched a childcare subsidy program in its bid to tackle worsening fertility rates.

China will offer an annual childcare allowance of 3,600 yuan ($501) for each child born on or after Jan. 1, 2025, until the age of three, the government reported on Monday after trading hours.

Shares of Beingmate, baby food and formula maker, rose over 9%, while Hong Kong-listed shares of China Feihe, which produces infant formula, rose as much as 8.3%, before paring gains.

— Lee Ying Shan

Asia markets started the trading day lower.

Japan’s benchmark Nikkei 225 fell 0.61%, while the Topix lost 0.76%.

South Korea’s Kospi fell 1.09%, and the small-cap Kosdaq slipped 0.88%.

Australia’s S&P/ASX 200 lost 0.42%.

—Lee Ying Shan

Good morning from Singapore. Asia markets are poised for a weaker open.

Japan’s benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 40,920 while its counterpart in Osaka last traded at 40,820, against the index’s last close of 40,998.27.

Futures for Hong Kong’s Hang Seng Index stood at 25,367, pointing to a weaker open compared with the HSI’s last close of 25,562.13.

Australia’s S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,606, compared with its last close of 8,697.70.

— Lee Ying Shan

The S&P 500 closed near the flatline on Monday, with the latest trade deal between the U.S. and EU failing to spark a fresh rally.

The broad market index inched up 0.02% to close at 6,389.77, while the Nasdaq Composite gained 0.33% to 21,178.58. The Dow Jones Industrial Average slipped 64.36 points, or 0.14%, to finish the session at 44,837.56.

— Brian Evans

On Monday, President Donald Trump announced that a global blanket tariff would likely fall between 15% to 20%. This would affect imports from countries that have not yet negotiated separate trade agreements with the United Statements.

“For the world, I would say it’ll be somewhere in the 15 to 20% range … I just want to be nice,” Trump said alongside United Kingdom Prime Minister Keir Starmer. “I would say in the range of 15 to 20%, probably one of those two numbers.”

Trump had previously announced that baseline tariffs would be just 10%. The president’s tariffs are expected to go into place on Aug. 1.

— Erin Doherty, Lisa Kailai Han