Investing.com—Most Asian stocks were stable on Friday due to uncertainty over U.S. interest rates and the presidential election, while Chinese shares rose after positive economic data.
Technology stocks had minor losses, but chipmaker TSMC hit record highs due to strong Q3 earnings.
Asian markets reflected a mostly flat session on Wall Street, with investors optimistic about the U.S. economy but cautious about potential interest rate cuts by the Federal Reserve.
Chinese Stocks Rise on GDP Data
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes climbed around 1.2%, bouncing back from early losses. Hong Kong’s Hang Seng index rose 1.6% thanks to gains from mainland stocks.
China’s GDP grew 4.6% year-on-year in Q3, as expected, though year-to-date growth is still below the government’s 5% target.
Chinese stocks recouped some weekly losses but showed a generally muted performance this week after previous heavy declines.
TSMC Hits Record High
Taiwan’s TSMC saw its shares jump nearly 6% to a record high after presenting strong Q3 earnings and a positive outlook, primarily driven by demand from the AI sector.
However, other Asian chipmakers struggled due to weak forecasts from ASML, indicating low demand for non-AI applications.
Asian Markets Show Mild Weekly Losses
Overall, Asian markets were range-bound and headed for slight weekly declines. Japan’s Nikkei 225 and TOPIX indexes inched up slightly, reflecting a rise in inflation.
Australia’s ASX 200 led the day’s losses with a 0.9% drop, while South Korea’s KOSPI fell 0.4%. Indian Nifty 50 futures indicated a weak start amid a decline from 25,000 points due to foreign investor outflows and disappointing earnings.
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