Japan's Nikkei 225 leads losses in Asia; China stocks cheer better-than-expected PMI data

This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets traded largely lower on Friday, after Wall Street benchmarks Nasdaq Composite and S&P 500 suffered their worst day in nearly two months on downbeat Microsoft earnings forecast and Meta results.

Traders in Asia assessed a slate of economic data from the region.

Caixin China manufacturing purchasing managers' index for October came in at 50.3, according to the private survey, beating median estimate of 49.7 in a Reuters poll of economists, and rebounding from September's 49.3.

A reading below 50 shows contraction in manufacturing, while one above that indicates expansion.

China's CSI 300 jumped 0.87%, while Hong Kong's Hang Seng index climbed over 1.57%.

Japan's Nikkei 225 fell 2.26%, while the broad-based Topix dropped 1.52%. The Bank of Japan maintained its benchmark policy rate at 0.25% on Thursday.

In South Korea, the blue chip Kospi traded near the flatline while the Kosdaq index lost 1.24%.

Taiwan Weighted Index lost 1.51%, as Typhoon Kong-rey, the largest storm to hit the island in nearly 30 years, wreaked havoc.

Australia's third-quarter producer prices index climbed 3.9% year on year, sharply lower than 4.8% reading in the previous quarter, according to data from Australian Bureau of Statistics on Friday. Quarter on quarter, the index rose 0.9% compared with a 1% rise in previous quarter.

Australia's S&P/ASX 200 traded 0.8% lower.

Overnight in the U.S., all three major indexes dropped.

The S&P 500 tumbled 1.86% to finish at 5,705.45 and the Nasdaq Composite lost 2.76% to close at 18,095.15 — both recorded their biggest one-day losses since Sept. 3. The Dow Jones Industrial Average declined 0.9% to end at 41,763.46.

That marked the final trading day of a choppy month on Wall Street, with the 30-stock Dow recording monthly losses of 1.3%, S&P 500 declining 1% and the Nasdaq slipping 0.5%, amid heightened uncertainty ahead of the U.S. Presidential election and the Federal Reserve's rate decision next week.

—CNBC's Hakyung Kim and Brian Evans contributed to this report.

Japan should not raise debt to fund additional spending, IMF suggests

Japan should finance any additional spending plans within existing budget, rather than issue new debt, Krishna Srinivasan, director at the International Monetary Fund's Asia and Pacific Department told Reuters in an interview.

"Any kind of support you're providing should be a lot more targeted, and any kind of new initiative should be financed within the budget," Srinivasan said, "you should not be increasing more debt to provide for any new initiative."

Japanese Prime Minister Shigeru Ishiba, who took the helm on Oct. 1, has pledged to compile a large-scale spending package to support households struggling with rising living costs.

The relief packages were vowed at a time when the Bank of Japan raised interest rates, adding to the cost of funding for Japan's public debt, which already stands at double the size of its economy.

The BOJ should raise interest rates in a "gradual" and "data-dependent" way, Srinivasan said, while noting that it was "doing the right thing" on keeping inflation anchored at 2% level.

— Anniek Bao

Debt-strapped property developer Yuzhou's shares jump over 5% on debt restructuring update

Shares of property developer Yuzhou Group jumped more than 5% on Friday, after the company said it would raise around 12 billion Hong Kong dollars ($1.54 billion) amid an offshore debt restructuring.

The company plans to issue 5.65 billion existing shares at HK$2.127 apiece, according to its filing on Hong Kong Stock Exchange on Friday.

The stock jumped 5.6% to trade at HK$0.133 per share.

Shenzhen-based Yuzhou Group was one of the Chinese real estate developers that took a hit from Beijing's crackdown on the sector in 2020.

It had filed for Chapter 15 bankruptcy in New York and is undergoing restructuring in Hong Kong and Cayman Islands. As of June, the company still had around $12.68 billion in debt, according to the Friday filing.

— Anniek Bao

Shares of Apple suppliers in Asia drop after China sales miss estimates

Shares of Apple suppliers in Asia tumbled on Friday, after the company's sales in China slipped in the fourth quarter.

Apple chip supplier Taiwan Semiconductor Manufacturing Corp lost 1.94%, while shares of Hon Hai Precision Industry — known internationally as Foxconn — which assembles iPhones, declined 2.84%.

Samsung Electronics shares dipped 0.51%. The South Korean electronics giant as well as some of its subsidiaries supply Apple with screens and battery components.

Apple's quarterly sales in China fell slightly to $15 billion, amid heightened competition in the iPhone maker's third-biggest market, missing LSEG estimates.

While Apple's fourth-quarter results beat Wall Street expectations, its net income took a hit from a one-time charge over a tax decision in Europe. The stock fell about 2% in extended trading.

— Anniek Bao

Gold slides, heading for first losing session in five

Gold futures pulled back roughly 2% on Thursday and headed for their worst day since July.

Spot gold also pulled back 2% and headed for its first losing session in five. For the month, bullion has advanced about 5%.

— Brian Evans, Nick Wells

U.S. crude oil closes nearly 1% higher as OPEC+ could delay production boost

U.S. crude oil futures closed nearly 1% higher on Thursday, as OPEC+ could delay its planned output boost and gasoline demand picked up in the U.S.

U.S. crude oil gained 65 cents, or 0.95%, to settle at $69.26 per barrel, while Brent futures rose by 61 cents, or 0.84%, to close at $73.16 a barrel.

Sources told Reuters that OPEC+ could delay its output hike planned for December by a month or more. The prospect of higher supplies next year has weighed on prices recently.

U.S. gasoline inventories also fell by 2.7 million barrels last week, signaling an uptick in demand.

Oil prices are down more than 3% this week after selling off steeply Monday in the wake of Israel's retaliatory strikes against Iran. Israel spared the Islamic Republic's oil facilities, providing some relief for an oil market that had been on edge over the risk of a supply disruption.

— Spencer Kimball

Futures are higher

Stock futures were up shortly after 6 p.m. ET.

Nasdaq 100 futures rose 0.3%. Dow and S&P 500 futures both inched higher by 0.1%.

— Alex Harring

CNBC Pro: Wealth manager for the super-rich names 3 stocks to buy before the year-end

Equity markets rallied this year, as investors remained bullish on Big Tech but also scooped up shares in under-the-radar companies.

CNBC Pro touched base with Kevin Teng, CEO of Wrise Private Singapore, for his take on the stocks he favored at the start of the year, as well as names he's betting on before the year's end.

The wealth manager — whose firm serves ultra-high-net-worth individuals across Asia, the Middle East and Europe — revealed his three stock picks, including two under-the-radar names.

CNBC Pro subscribers can read more here on the three stocks he's betting on now.

— Amala Balakrishner