China stocks rally 4% as manufacturing contracts less than feared; Japan's Nikkei falls more than 4%

Japan's Nikkei 225 tumbled more than 4% on Monday and the yen weakened against the dollar as traders reacted to the results of the ruling Liberal Democratic Party election last Friday.While this beat the 49.5 expected by economists polled by Reuters, this marked a fifth straight month of contraction for the manufacturing sector in China.China's official purchasing managers' index reading for September came in at 49.8, better than the 49.5 expected by economists polled by Reuters.

The moves in Japanese markets come as investors digest Shigeru Ishiba's victory in the Liberal Democratic Party elections last Friday. He will succeed Fumio Kishida as Japan's prime minister.rose to a new high on Friday as traders assessed fresh data that showed to more progress on reining in inflation.

This comes as traders assess encouraging August inflation data, which saw the personal consumption expenditures price index — the Federal Reserve's favored measure of inflation — increasing 0.1%, matching expectations from economists polled by Dow Jones.There's more upside gain than downside risk in China rally, says Renaissance Macro's Jeff deGraafEric Adams

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Asian stocks tumble after Wall Street's worst day since early AugustJapan's benchmark Nikkei 225 lost 3.8 percent, leading losses in Asia.
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