Trump says Iran war "close to over" amid hopes for more negotiations
Investing.com-- Asian equities traded in narrow ranges on Tuesday as investors stayed on the sidelines ahead of U.S. President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz, with uncertainty over the conflict capping risk appetite.
U.S. stock index futures fell modestly during Asian hours after Wall Street closed higher overnight.
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Trump's Iran deadline looms with no signs of easing tensions
Investors braced for President Trump’s Tuesday 8 p.m. ET deadline for Iran, after he warned that Iran could be “taken out” entirely if it fails to comply, including threats to target infrastructure such as power plants and bridges.
Iran has rejected a U.S.-backed ceasefire proposal, instead putting forward its own terms that include sanctions relief, reconstruction commitments, and a broader end to regional hostilities.
Media reports showed that Iran and Israel traded attacks on Tuesday, underscoring the lack of progress in negotiations.
The standoff has heightened concerns about energy supplies, with oil prices hovering near multi-year highs above $110 per barrel, stoking inflation fears globally.
Japan's Nikkei 225 and the broader TOPIX index traded largely unchanged on Tuesday.
China's Shanghai Composite index was largely muted, while the blue-chip Shanghai Shenzhen CSI 300 index edged down 0.3%.
Hong Kong markets were closed for a public holiday.
India's Nifty 50 fell 0.5%, while Singapore's Straits Times Index ticked 0.2% lower.
Samsung, LG flag robust Q1 earnings
South Korea's KOSPI edged up 0.2%.
Technology stocks provided some support to regional markets, particularly in South Korea, after strong earnings guidance from major chipmakers.
Samsung Electronics Co (KS:005930) projected an eightfold surge in first-quarter operating profit, driven by robust demand for artificial intelligence chips, while LG Electronics (KS:066570) flagged a solid rebound in first-quarter earnings.
Elsewhere, Australia's S&P/ASX 200 index bucked the larger regional trend, rising 1.5%.