<h1>Asian markets mixed as S&P hits record, chip earnings loom; Chinese chip stock surges, tariffs and political risk weigh</h1> Asian markets were mixed after modest gains on Wall Street pushed the S&P 500 to a record high ahead of a major US chip maker's earnings; US futures were mixed and oil fell. A Chinese semiconductor firm's shares surged to become the priciest on Shanghai's exchange after strong first-half results and state support, while broad indices showed narrow moves: Hong Kong slid on losses in technology and consumer names, Japan and Korea rose, India fell after higher US tariffs on its exports took effect, and Taiwan eased. Tension persists over a preliminary US-Japan trade tariff deal after a top trade envoy postponed a Washington trip, and markets are also unsettled by a national leader's attempt to remove a central bank governor.