Investing.com—Most Asian stocks were steady on Friday due to uncertainty over U.S. interest rates and the presidential election. However, Chinese stocks rose following positive economic growth data.
Technology shares saw minor losses, while chipmaker TSMC hit record highs after strong Q3 earnings.
Regional markets reacted subtly to a flat Wall Street session. Despite some optimism about the U.S. economy, expectations for a smaller interest rate cut by the Federal Reserve tempered investor enthusiasm.
Chinese Stocks Rise with Economic Growth
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes both increased by about 1.2%, recovering from early losses. Hong Kong’s Hang Seng index gained 1.6% due to strong performance from mainland stocks.
China’s GDP grew 4.6% year-on-year in Q3, meeting forecasts. While quarterly growth accelerated, it remained below the government’s target of 5% for the year.
Chinese stocks mostly recouped earlier losses from weak signals on government stimulus measures.
TSMC Surges, Other Chipmakers Lag
Taiwan’s TSMC saw its shares jump nearly 6% to a record high following better-than-expected earnings and a positive outlook, driven by strong AI demand.
However, other chipmakers in Asia mostly declined after weak guidance from chip equipment maker ASML earlier in the week, indicating weak demand outside of AI.
Asian Markets Steady, Weekly Declines Ahead
Overall, Asian markets remained stable but were set for mild weekly losses.
Japan’s Nikkei 225 and TOPIX indexes rose slightly due to higher-than-expected inflation data. In contrast, Australia’s ASX 200 fell 0.9% as investors took profits from recent highs. South Korea’s KOSPI dropped 0.4%.
Futures for India’s Nifty 50 index indicated a weak start, falling from 25,000 points amid foreign investor exits and some disappointing earnings reports.
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