Today’s chart comes from Dr Ed Yardeni’s blog, comparing the performance of the (P)IIGS (Portgual, Ireland, Italy, Greece, Spain) share market indexes (Portugal is not included) for the year so far:
Greece is obviously the worst performer, down 48% with Italy not doing so bad, but still in bear market territory down over 20%.
How does the rest of Europe compare (the FUGSS – France, UK, Germany, Sweden, Switzerland):
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France is the worst performer, given her exposure to PIIGS soveriegn debt, although all Northern European markets are somewhat correlated, as their fates are intertwined, the UK (similarly to the US) has barely been dented, only down 6.5%