Asia-Pacific markets set to open mixed after Trump's tariffs on Indonesia

Asia-Pacific markets are set to open mixed after U.S. President Donald Trump said Tuesday that he had struck a preliminary trade agreement with Indonesia, which will impose a 19% tariff on the country's exports to the U.S.

Indonesia's central bank is set to release its policy decision later in the day.

Opening calls from Singapore

Good morning from Singapore and happy mid-week. Asia markets are poised to open mixed. Japan's benchmark Nikkei 225 was set to open marginally lower, with the futures contract in Chicago at 39,660 while its counterpart in Osaka last traded at 39,600, against the index's last close at 39,678.02.

Australia's S&P/ASX 200 was also set to start the day lower with futures tied to the benchmark at 8,545, compared with its last close of 8,630.3.

Futures for Hong Kong's Hang Seng index, however, stood at 24,622, pointing to a stronger open compared to the HSI's last close of 24,590.12.

Investors will be keeping an eye on Indonesian stocks after U.S. President Donald Trumpon Tuesday said that he has reached a preliminary trade deal with Indonesia, which will impose a 19% tariff on the Southeast Asian country's U.S. exports.

Stock futures are little changed

Stock futures were little changed on Tuesday evening, with investors awaiting fresh corporate earnings and inflation data.

Futures tied to the Dow Jones Industrial Average pulled back 47 points, or 0.1%, while S&P 500 futures dipped 0.1%. Nasdaq 100 futures slipped 0.1%.

Trump-backed digital asset bills fall short in Congress, crypto-linked stocks slide

Several crypto-related legislative measures failed to beat a key procedural hurdle in the House of Representatives on Tuesday.

The vote came in at 196 to 223, with 13 Republican lawmakers siding with Democrats to block the procedural motion.

The vote comes after President Donald Trump encouraged Republican lawmakers to vote in favor of the measure. “The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better!” he wrote on Truth Social earlier Tuesday.

Crypto-linked stocks traded lower, with Circle Internet Group dropping 4% and Coinbase Global losing 1%. Bitcoin also slipped below the $117,000 threshold, dropping more than 2% on the day.

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S&P 500, Dow end Tuesday in the red

The S&P 500 dropped 0.4% on Tuesday to close at 6,243.76. The Dow Jones Industrial Average lost 436.36 points, or 0.98%, ending at 44,023.29.

The tech-heavy Nasdaq Composite was the only bright spot in Tuesday's market. The Nasdaq rose 0.18% to settle the session at 20,677.80.