Citing the Russian Defence Ministry on Tuesday, Reuters reported that "in the waters of the Sea of Japan, missile ships of the Pacific Fleet fired Moskit cruise missiles at a mock enemy sea target.”

"The target, located at a distance of about 100 kilometres (62.14 miles), was successfully hit by a direct hit from two Moskit cruise missiles,” the Russian Defence Ministry said.

Market reaction

Risk sentiment is steady in Tuesday’s Asian trading, as investors digest the latest talks from the global regulators on the banking crisis. The US S&P 500 futures are adding 0.15% on the day while the Asian stocks are trading mixed to higher.