Danish shipping group Maersk said on Monday that another container shipping service within the Gemini Cooperation—operated in partnership with Germany's Hapag-Lloyd—will resume sailing through the Red Sea and the Suez Canal, as part of a gradual return to the region.
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Most shipping companies had previously diverted away from the trade corridor connecting Asia and Europe following attacks by the Houthis in Yemen on vessels, forcing ships to take a significantly longer route around the Cape of Good Hope.
Japan's Nikkei index rose two percent on Monday to its highest closing level in nearly four weeks, buoyed by artificial intelligence and chip-related stocks following a rally on Wall Street on Friday, although ongoing concerns over the Middle East capped overall gains.
The Nikkei index climbed 2.08 percent to 66,970.22 points, marking its highest closing level since July 15. The broader Topix index advanced 0.63 percent to 4,100.61 points.
Daisuke Hashizume, an analyst at Daiwa Securities, said: "Gains in chip-related stocks supported the Nikkei. Easing expectations of an interest rate hike by the US Federal Reserve were the primary driver of these gains."
US stocks rose on Friday, with the S&P 500 closing at a record high to wrap up a strong week of gains for major indexes, after data showed the US economy unexpectedly lost jobs last month, dampening expectations that the Federal Reserve would raise interest rates at its September meeting.
In the Middle East, uncertainty persisted regarding the reopening of the Strait of Hormuz, as Iran announced that an agreement with Oman establishing new shipping routes had reached its "final stages," though stating the United States must meet other conditions.
However, Maersk and Hapag-Lloyd announced in early July the resumption of a service connecting Asia, the Mediterranean, and Europe via the Suez Canal. Maersk subsequently announced the resumption of a service connecting the Middle East to the US East Coast.
Among individual stocks, chip equipment makers Advantest and Tokyo Electron surged 6.43 percent and 4.13 percent, respectively.
Fujikura shares jumped 7.62 percent, continuing a sharp rise after the optical fiber cable manufacturer raised its full-year net profit forecast on Friday.
Shares of Ibiden, a supplier to AI leader Nvidia, rose 4.03 percent.
Recruit Holdings surged 22.79 percent, hitting its daily limit after the recruitment agency's revised annual outlook beat market expectations.
Meanwhile, shares of Fast Retailing, owner of the Uniqlo brand, fell 0.74 percent.
Mitsui Kinzoku, a manufacturer of materials for lithium-ion batteries, plunged 13.55 percent after its revised annual net profit forecast fell short of market expectations.
Reuters
