Charting the Markets: The China Glass is Half Full

Global stocks rebounded from the longest stretch of losses in six weeks as data from China provided evidence of a re-balancing of the world's second biggest economy. Industrial output last month missed expectations, matching the weakest gain since 2008, and fixed-asset investment increased at the slowest pace since 2000 in the first 10 months of the year. However, retail sales jumped 11 percent in October, the biggest gain of 2015. The shift to consumer spending from old growth drivers like manufacturing is encouraging, even though the economy is still sputtering. According to Bloomberg's monthly gross domestic product tracker China grew 6.57 percent in October, signaling more stimulus is needed.

The industrial metals sell-off continues, prompted by China's weakest production figures since the financial crisis. Output rose 5.6 percent in October from a year earlier, matching March's figure (which itself was the worst reading since 2008). Copper, zinc and nickel are heading for their lowest close in at least six years as slowing growth in China dents demand from the world's largest consumer of energy, metals and grains. The London Metal Exchange index of six industrial metals is set for a third consecutive annual drop, the worst streak since at least 2001. The gauge has sunk 23 percent this year.