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Japanese Stocks Close Marginally Lower On Renewed US-Iran Hostilities; Oil Climbs

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Japanese stocks closed marginally lower on Monday as fresh hostilities broke out in the Middle East after the US resumed attacks on key installations in Iran, prompting Iranian retaliation, and investors raised expectations over a rate hike.

The benchmark Nikkei 225 closed down 93.63 points, or 0.14%, at 66,311.93.

Oil prices climbed after the US escalated attacks on the Iranian oil terminal and President Donald Trump claimed that the terminal was "blown to smithereens," igniting hostilities and putting negotiations over the opening of the Strait of Hormuz on the back burner.

On the corporate side, Nifco (TYO:7988) said it will launch a 40 billion yen buyback to repurchase up to 8.3 million common shares, or 8.88% of its issued shares excluding treasury stock, according to a Tokyo Stock Exchange filing on Monday.

Also, Tokyo Gas (TYO:9531) said it plans to transfer part of its service business for industrial customers to its wholly owned subsidiary Tokyo Gas Engineering Solutions Corp. through an absorption-type company split, effective April 1, 2027.

What else is happening in Asia?

Asia

Sany Heavy Industry Plans Up to 10 Billion Yuan Asset-Backed Securities Issue

Sany Heavy Industry (HKG:6031, SHA:600031) said its board approved plans to establish an asset-backed special purpose vehicle and issue asset-backed securities under a financing lease, with a shelf size of up to 10 billion yuan, according to an Aug. 28 Hong Kong bourse filing.The securities will be backed by accounts receivable held by the company and its subsidiaries and may be issued in multiple tranches over two years, with each tranche having a duration of up to five years.SANY Group, the controlling shareholder, plans to subscribe for all subordinated securities, with total subscriptions capped at 1 billion yuan.

HKG:6031SHA:600031
Asia

Tencent Unveils Hy4 Preview Open-Source AI Model

Tencent (HKG:0700) has released Hy4 preview, an open-source AI model with a total parameter footprint of 770 bytes and an activation parameter size of 49 bytes, according to an Aug 28 social media post.The model targets real-world productivity tasks, including coding, office analytics, game development, and scientific research.The model is now available through Tencent Cloud TokenHub, OpenRouter, and Tencent's productivity products.

HKG:0700
Asia

Samsung Heavy Industries Bags KRW445 Billion Container Ship Project

Samsung Heavy Industries (KRX:010140) secured a 444.5 billion won contract to build two container ships for an unnamed African buyer, according to a filing with the Korean bourse on Monday.The contract is valid from Aug. 28, 2026, to Dec. 27, 2028. Payment will be made as construction progresses, the filing said.Shares of Samsung Heavy Industries fell more than 2% in recent trade.

KRX:010140