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Japanese Shares Rise Ahead of Tech Earnings, Oil Falls on Renewed Middle East Mediation Hopes

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Japanese stocks gained, snapping a three-day selloff in semiconductor shares ahead of corporate earnings from technology majors including Alphabet and Intel, as well as strong preliminary earnings from Samsung Electronics.

The benchmark Nikkei 225 closed up 2,091.07 points, or 3.26%, at 66,232.19.

Oil prices declined on hopes of renewed mediation efforts to de-escalate the Middle East conflict, though the Iran-backed Houthis' announcement of a naval blockade on Saudi Arabia kept supply concerns intact.

On the corporate side, Komehyo (TYO:2780) said its June brand and fashion sales rose 130.5% year over year to 21.3 billion yen, supported by strong individual purchases, according to a Tuesday filing on the Tokyo Stock Exchange.

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