Japan's Nikkei Rises 1.9%, Reclaims 55,000 Level

Financial News correspondent Seo Hye-jin in Tokyo reports that on the 11th, Japan's benchmark Nikkei 225 Stock Average climbed, bringing the Nikkei 225 back above the 55,000 mark for the first time in three trading days.
As of 9:37 a.m. at the Tokyo Stock Exchange, the Nikkei 225 was up 1,041.85 points, or 1.92%, from the previous session at 55,290.24. Early in the session, it gained more than 1,200 points and briefly topped 55,500.
On an intraday basis, the index has reclaimed the psychologically important 55,000 level for the first time in three trading days since the 6th.
On March 10 local time, Oracle's revenue for the fourth quarter of last year beat market expectations, sending its shares up more than 8% in after-hours trading. This has drawn buying interest into high-tech names such as SoftBank Group, helping to lift the index.
Oracle's fourth-quarter revenue last year came in at $17.19 billion, with earnings per share (EPS) of $1.79. Strong demand for cloud services, driven by companies ramping up investment in artificial intelligence (AI), acted as a tailwind.
SoftBank Group is working with Oracle and OpenAI on the U.S. "Stargate AI Infrastructure Plan" to build AI infrastructure, so the rally in Oracle's share price is also fueling buying in SoftBank Group.
On March 10 in New York, the Philadelphia Semiconductor Index (SOX) rose 0.70%, while crude oil futures fell on speculation that the Group of Seven (G7) would release oil from strategic reserves. These moves are also supporting stock buying.
Energy ministers from the Group of Seven (G7) held an online meeting on the 10th and agreed on the need for a coordinated release of strategic oil reserves. The Wall Street Journal (WSJ) reported that the International Energy Agency (IEA) has proposed the largest-ever release of emergency oil reserves.
However, uncertainty surrounding the situation in the Middle East remains high.
Cable News Network (CNN) reported that Iran has begun laying mines in the Strait of Hormuz. U.S. President Donald Trump warned, "If the mines are not removed, military retaliation against Iran will be on an unprecedented scale."
sjmary@fnnews.com Seo Hye-jin Reporter