Investing.com – Most Asian stocks were stable on Friday due to uncertainty about U.S. interest rates and the upcoming presidential election. However, Chinese shares rose after economic data showed growth as expected.
Technology stocks had minor losses, while chipmaker TSMC reached record highs due to strong third-quarter earnings.
Asian markets followed a flat trend from Wall Street, with investors optimistic about the U.S. economy, but cautious about a potential interest rate cut by the Federal Reserve.
Chinese Shares Gain on GDP Data
China’s CSI 300 and Shanghai Composite indexes each rose about 1.2%. Hong Kong’s Hang Seng index increased by 1.6%, boosted by gains in mainland stocks.
China’s GDP grew 4.6% year-on-year in Q3, as expected, but overall growth fell short of the government’s 5% target.
This rally helped Chinese stocks recover from earlier weekly losses, despite the market’s uncertainty following the government’s lack of clarity on stimulus measures.
TSMC’s Strong Earnings Boosts Its Stock
Taiwan’s TSMC saw a nearly 6% rise in its stock to a record high after reporting stronger-than-expected Q3 earnings, thanks to strong demand from the AI sector.
However, other Asian chipmakers faced declines following weak guidance from ASML regarding chip demand beyond AI.
Asian Markets Mostly Flat, with Mild Weekly Losses
Overall, Asian markets remained steady and were heading for slight weekly losses. Japan’s Nikkei 225 and TOPIX indexes rose slightly due to a higher-than-expected inflation rate.
Australia’s ASX 200 was the worst performer, dropping 0.9% as investors took profits. South Korea’s KOSPI fell 0.4%.
Indian Nifty 50 futures pointed to a weak open as the index fell below 25,000 points amid foreign investor withdrawals and disappointing earnings.
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