"China Stocks Surge as Manufacturing Activity Expands, Japan's Nikkei 225 Closes Below 40,000"

China's stocks rose after factory activity data showed expansion in March, with the CSI 300 index gaining about 1.64%, while Japan's Nikkei 225 closed below 40,000 for the first time in 12 days. Gold prices soared to a record high on hopes of a Fed rate cut, and Rakuten Group confirmed it is considering a reorganization of its financial technology businesses. Additionally, China's factory activity expanded at its fastest pace in 13 months, while South Korea's factory activity slipped into contraction territory in March. Japan's manufacturing activity also shrank for the 10th straight month, and business sentiment among large Japanese manufacturers fell slightly in the first quarter.