I was gazing through some charts this morning only to be astounded by how deep the losses in many European markets have been over the last few months. The USA’s S&P 500 has been a notable outperformer over the last 3 months as many European markets are absolutely cratering. For those who still think this is 2010, you might want to back out and take a longer perspective. The European equity markets are very much perceiving this as 2008 all over again with many markets fast approaching their credit crisis lows:
Germany’s DAX down -33% from “recovery” peak to trough!
Spanish IBEX down -35% from “recovery” peak to trough!
French CAC 40 down -31% from “recovery” peak to trough!
Italian MIB 40 down -43% from “recovery” peak to trough!
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