Asian Shares Mixed In Cautious Trade

(RTTNews) - Asian stocks turned in a mixed performance on Monday, with AI spending concerns and elevated oil prices keeping investors on edge.

China reported better-than-expected Q3 GDP growth, helping limit regional losses to some extent.

The U.S. dollar index was little changed while gold edged up slightly to around $4,175 an ounce after Federal Reserve Chair Kevin Warsh voiced optimism about U.S. economic resilience and the impact of AI on economic growth and productivity.

Warsh said he won't prejudge what the U.S. central bank will do about interest rates at its upcoming policy meeting, suggesting the Fed would wait until December to raise rates.

Brent crude futures traded about 3 percent lower below $107 a barrel after settling at their highest level since May 19 on Friday.

Investors took profits at higher levels after U.S. President Donald Trump suspended recently passed sanctions and tariffs aimed at Russia, a move that could pave the way for higher Russian fuel exports.

Russian President Vladimir Putin has proposed a trilateral summit with Trump and Chinese President Xi Jinping next month to discuss Ukraine deal, amid warming ties and sanctions waivers.

China's Shanghai Composite index rose 0.39 percent to 3,730.92 after authorities asked state funds and companies to buy shares and official data showed China's economy grew 4.5 percent year-on-year in the third quarter, beating market expectations of 4.4 percent growth.

Industrial production and retail sales both beat forecasts in September, but fixed asset investment remained weak, according to data from the National Bureau of Statistics.

Hong Kong markets were closed for the Chung Yeung Festival. Japanese markets ended lower, extending last week's decline as technology stocks remained under pressure on concerns over the funding of AI infrastructure and the release of a new model from Chinese developer DeepSeek.

The Nikkei average dropped 0.62 percent to 64,916.70 while the broader Topix index finished marginally lower at 4,067.48. Tokyo Electron fell 2.6 percent and SoftBank Group lost 2 percent.

Seoul stocks rallied as gains in battery and auto shares offset credit concerns surrounding CoreWeave. The Kospi index fell more than 3 percent before rebounding to close 1.76 percent higher at 5,768.01. Hyundai Motor, Kia and Hyundai Mobis surged 4-5 percent.

Australian markets eked out modest gains, led by banks and energy stocks. Mining stocks also ended on a firm note as iron ore futures inched above $US91 a ton after the release of Chinese GDP data.

The benchmark S&P/ASX 200 edged up 0.44 percent to 8,845.70 while the broader All Ordinaries index closed 0.39 percent higher at 8,975.70.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fell 0.74 percent to 13,652.07, extending losses from the previous session and reaching its lowest level since September 16.

U.S. stocks ended lower on Friday due to a broader sell-off in technology companies amid renewed concerns about debt-fueled AI infrastructure spending.

Inflation and rate hike worries also returned to the fore as U.S. crude oil futures spiked back above $100 a barrel for the first time in a month after Iran escalated attacks in the Strait of Hormuz and energy ceasefire between Russia and Ukraine collapsed.

In economic releases, data showed U.S. industrial production as well as import and export prices rose more than expected in September.

The tech-heavy Nasdaq Composite slumped 2.1 percent to reach its lowest closing level in a month, while the S&P 500 tumbled 1.1 percent and the narrower Dow dipped 0.3 percent.

The S&P 500 and the Nasdaq posted their worst week since June, reflecting mounting worries about how long the frenzy over the AI buildout will last.