Charting the Markets: Europe Shrugs off China Data, While Asian Stocks Decline

China prompted another drop in Asian and emerging market stocks after a private manufacturing gauge fell to the lowest since March 1999. The currencies of commodity-producing nations including Australia and New Zealand followed suit. China is the world's biggest consumer of raw materials. European stocks opened higher after the biggest one-day drop since Aug.24.

China's weak manufacturing data hasn't prompted a further decline in metals prices. The Bloomberg Industrial Metals Index, which is composed of aluminum, copper, nickel and zinc, rose for the first day in five after sinking the most in six weeks on Tuesday. The respite may be short lived. Citigroup is warning the worst commodity meltdown since 2008 may have further to run. It blames excess supplies and a sluggish world economy. Citigroup joins other banks including Goldman Sachs and Morgan Stanley who forecast further declines for raw materials. The Bloomberg Commodity Index, which tracks 22 commodities, is on track for its worst quarter since 2008.