Double figures is looking out of reach, for now.

After nine days of gains, global stocks are falling as data from China highlights the fragility of domestic demand. Imports sank 20.4 percent in dollar terms in September, falling for an eleventh straight month, extending the longest losing streak in six years. The 3.7 percent drop in exports in dollar terms was smaller than expected and may indicate the devaluation of the yuan is helping local businesses compete overseas. China's benchmark Shanghai Composite Index eked out a gain of 0.17 percent, the fourth day of increases following the Golden Week holiday. European stocks dropped for a second day.

The Australian dollar's nine-day winning streak, the longest in six years, has come to a halt after weaker than forecast China import data. China is Australia and New Zealand's major trading partner. New Zealand's dollar also fell for the first day in eight. Ahead of today, the two currencies were the second- and third-best performers against the U.S. dollar in September out of its 16 major peers. On Monday, a gauge of momentum suggested the Aussie's rally was overdone. Its 14-day relative strength index climbed to 71. Any figure above 70 indicates an asset is overbought. The Australian dollar hasn't been above that level since April 2014.