"The broad message here is that China's economy is still holding up. It's not exactly red hot but it's good enough for the time being. The third quarter may have been the peak [for growth], we're going to go sideways into the fourth quarter. Next year, we expect a renewed deceleration but this is as good as it gets for the time being," said Frederic Neumann, MD & Co-Head of Asian Economics Research at HSBC.
Shanghai 0.4% higher
China's benchmark index stabilized in the afternoon session after bouncing between gains and losses in choppy trade, leading the index to post its first weekly gain in three weeks.
Financials were among the most actively traded on the back of October's PMI figures. Minsheng Bank led gains by over 2 percent while Haitong Securities ended 1.5 percent higher.
Commodity stocks were the index's best performers. Rare-Earth jumped nearly 5 percent while Xiamen Tungsten climbed 3 percent.
Nikkei falls 0.9%
Japan's benchmark index closed at its lowest levels in a week due to pessimism over the latest earnings but still managed to post a 0.8 percent gain for the week.
Sony plunged 11 percent after the tech heavyweight posted a wider quarterly annual net loss. Panasonic rallied 6.2 percent after swinging to a net profit from last year's loss.
TDK Corp fell 3.8 percent after its operating profit fell 17.4 percent in the six months ended September 30. Index heavyweight SoftBank rallied 3.4 percent after its July-September net profit rose 44 percent.