<h1>Global markets mixed ahead of major chipmaker earnings as traders bet on Fed rate cuts amid tariff turmoil</h1> Global equity markets were mixed ahead of a major chipmaker's earnings report that could affect AI-related valuations. Regional indices showed modest gains and losses, with notable declines in Hong Kong and Shanghai amid profit-taking and weaker Chinese industrial profits. The U.S. outlook is influenced by anticipated Federal Reserve rate cuts and tariff-driven inflation risks after the U.S. president imposed 50% tariffs on certain exports and publicly clashed with Fed officials; a fired Federal Reserve governor intends to sue the administration. Traders price a high probability of a near-term rate reduction. Energy and currency moves were modest.