by Bespoke Investment Group
After bouncing nicely over the last two weeks following somewhat of a resolution to the Greece debacle, European markets have taken it on the chin this week as problems continue to spread. Below are the six month stock market price charts of three European Union countries that are also G7 countries -- Italy, France, and Germany. As shown, at its lows today, Italy's FTSE MIB was down 15.3% from its high on July 1st! France's CAC 40 was down 7.5% in three days at its lows today, and Germany's DAX was down 7% over the same time period. The post-Greece bounce for Italy has been wiped out and then some in recent days, while Germany and France are now right back to where they started before the bounce.
On another note, Brazilian equities continue to plummet. The country's major stock market index -- the Bovespa -- is now down 13.83% as we noted in our prior post, and the index is down 6.5% since July 4th. As shown below, the Bovespa is mired in a nasty long-term downtrend, and its current six-day losing streak has moved it to new six-month lows. So far, the announcements that Brazil would be hosting the 2014 World Cup and the 2016 Summer Olympics haven't done much to boost equity markets, that's for sure.
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