Japanese Stocks Extend Gains as Fed Hike Hope Fades; Oil Gains

MT Newswires Live08-14

Japanese stocks rose marginally on Friday to end in the green as chipmakers gained investor confidence on artificial intelligence spending after cooling US inflation data eased expectations of a Federal Reserve rate hike next month.

The benchmark Nikkei 225 closed up 405.21 points, or 0.59%, at 68,713.80.

Oil prices gained after fresh US threats of an indefinite naval blockade of Iran revived supply concerns, amid rising US crude inventories as the deadlock over a possible US-Iran deal persisted.

On the corporate side, MS&AD Insurance Group Holdings (TYO:8725) posted a 33% year-over-year rise in attributable net income for the fiscal first quarter to 328.6 billion yen from 246.4 billion yen, according to a Tokyo bourse filing on Friday.

Also, Sompo Holdings' (TYO:8630) net income attributable to owners of the parent jumped 53% to 181.2 billion yen for the fiscal first quarter from 118.6 billion yen a year earlier.

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