China stocks up on strong September factory activity

Chinese equities surge, building on their best week since 2008, after manufacturing data comes in better than expected, despite the sector shrinking for the fifth straight month. Japanese stocks plummet, however, and yields move higher on a stronger yen as the markets digest the impact of incoming Prime Minister Shigeru Ishiba. In auto news, Volkswagen issues a second profit warning in 3 months as it continues talks with unions over potential plant closures. UniCredit CEO Andrea Orcel and incoming Commerzbank CEO Bettina Orlopp have reportedly set out plans for the German lender in a virtual meeting as speculation of a potential takeover bid persists. Israel kills Hezbollah leader Hassan Nasrallah in an airstrike on a south Beirut suburb.

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