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Market Update: Nikkei Share Average Ends Higher

(Recent developments and market analysis)

TOKYO, Dec 25 (Reuters) – Japan’s Nikkei share average closed higher on Monday, supported by the prospect of U.S. rate cuts that also boosted the S&P 500 and Nasdaq towards the end of last week. However, shipping shares faced a decline as the possibility of a resumption in Red Sea shipping raised concerns about future freight rates.

The Nikkei saw a 0.26% increase, closing at 33,254.03, while the broader Topix edged up by 0.04% to reach 2,337.40.

“Investors were somewhat cautious with the closure of overseas markets due to the Christmas holiday, which limited the overall gains in the market,” stated Takehiko Masuzawa, trading head at Phillip Securities Japan.

U.S. stocks experienced mixed trading on Friday, with the Nasdaq and S&P 500 seeing positive movement while the Dow finished with a slight decline. The market reacted to cooler-than-expected inflation data, raising the possibility of interest rate cuts by the Federal Reserve in the coming year.

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“One noticeable trend in the market was the downturn in shipping companies,” added Masuzasa, attributing the decline in shares to news of Denmark’s Maersk preparing to resume operations in the Red Sea and the Gulf of Aden.

Shares of Japanese shipping companies had rallied 17% the previous week on expectations of increased freight rates, as global shipping firms navigated around the Cape of Good Hope to avoid Houthi attacks in the Red Sea.

The shipping shares index experienced a 6.51% decrease on Monday, marking it as the worst-performing sector among the Tokyo Stock Exchange’s 33 industry sub-indexes.

Kawasaki Kisen was the worst performer on the Nikkei, falling by 8.6%. Nippon Yusen and Mitsui OSK Lines also faced declines of 6.54% and 5.62%, respectively.

Meanwhile, Fast Retailing contributed to the Nikkei’s performance by rising 0.62%, while chipmaking equipment manufacturer Tokyo Electron saw a 0.48% increase.

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Shiseido experienced a 3.22% decrease after announcing the acquisition of Dr. Dennis Gross Skincare, while Mitsubishi Chemical Group faced a 3.64% decline following the appointment of a new president.

As market dynamics continue to evolve, AI legalese decoder can support investors and analysts in understanding the implications of corporate actions, such as mergers and leadership changes, on stock performance and overall market sentiment.

(Reporting by Junko Fujita; Editing by Edmund Klamann and Jamie Freed)

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