Investing.com – Most Asian stocks were quiet on Friday due to uncertainty around U.S. interest rates and the presidential election. However, Chinese shares gained after economic data met expectations.
Tech stocks saw smaller losses, with chipmaker TSMC hitting record highs after strong Q3 earnings.
Asian markets mirrored a mostly flat Wall Street session. Investors were optimistic about the U.S. economy, but this was tempered by speculation of a smaller interest rate cut from the Federal Reserve.
Chinese Stocks Rise with GDP Growth
The Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose about 1.2% each, while Hong Kong’s Hang Seng index increased by 1.6%, driven by local stocks.
China’s GDP grew 4.6% year-on-year in Q3, as expected, but still lagged behind the government’s 5% annual target.
This Friday, Chinese stocks recovered much of their earlier losses, offering a modest weekly performance after weak confidence in government stimulus measures.
TSMC Hits Record High
TSMC’s shares surged nearly 6% after posting strong Q3 earnings and an optimistic outlook, benefiting from AI demand.
While TSMC excelled, other Asian chipmaker stocks faced declines, influenced by ASML’s weak demand forecasts outside of AI applications.
Asian Markets Show Mild Weekly Declines
Asian markets remained steady, likely ending the week with slight losses.
Japan’s Nikkei 225 and TOPIX indexes saw minimal gains due to higher-than-expected inflation data.
Australia’s ASX 200 dropped 0.9% as investors took profits, while South Korea’s KOSPI fell 0.4%.
Futures for India’s Nifty 50 showed a weak start as the index fell below 25,000 points due to foreign investor exits and disappointing earnings.
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