If there is one thing we can all agree on, it is that the last several weeks have not been enjoyable for anyone who is long equities. Â The chart below summarizes when and by how much major international equity markets have declined from their 2012 peaks. Â Not surprisingly, Spain was the first to peak and now leads the list of international markets highlighted with a decline of 24% from its peak. Â Although its peak came more than a month later, Italy has been playing catch up with Spain and is now down 19.7% from its high.
Although US equities are down close to 5% from their highs in April, compared to the rest of the world, things looks pretty good here. Â The only other country that has seen less of a decline than the US is China. Â In terms of timing, while most countries saw their year to date peaks in early to mid-March, US equities held out the longest and didn't peak until April 2nd.
