Japan’s Nikkei rises on US rate cut prospects, shippers fall

TOKYO, Dec 25 (Reuters) – Japan’s Nikkei share average rose on Monday, buoyed by prospects for U.S. rate cuts that also lifted the S&P 500 and Nasdaq late last week, although shipping shares fell on expectations that a resumption in Red Sea shipping would weigh on freight rates. The Nikkei was up 0.37% at 33,291.39 by the midday break, while the broader Topix had edged up 0.19% to 2,340.97. “The gains were limited as investors hesitated to make active bets with the close of overseas markets on the Christmas holiday,” said Takehiko Masuzawa, trading head at Phillip Securities Japan. U.S. stocks gyrated to a mixed close on Friday, with the Nasdaq joining the S&P 500 in positive territory, while the…