Charting the Markets: Global Stocks Drop After China Manufacturing Data

Back to reality for global stock markets after manufacturing in China contracted again, sending the MSCI All Country World Index lower after the best monthly performance in four years. A private gauge rose to 48.3 from September's 47.2, but still languishing below 50, which separates expansion from contraction. Asian stocks started the new month with a decline of as much as 1.2 percent after surging 8.6 percent in October, the biggest leap in six years. European stocks also fell at the open.

Concerns remain about China's fragile economy after official and private data pointed to a sluggish manufacturing sector. China-listed shares in Hong Kong dropped for a fifth day, the longest losing stretch in almost two months. The Hang Seng China Enterprises Index jumped 11 percent in October, the best performance since April. The equity benchmark was the seventh best performer last month out of 93 tracked by Bloomberg, narrowly trailing the Shanghai Composite Index's 11 percent gain.