by John Lounsbury
Bear markets around the world have deepened for the 30 indexes Econintersect tracks since I last reported on the subject September 6. At that time two markets (Malaysia and Indonesia) had not yet declined enough to reach the -10% correction marker. Fifteen markets had reached or surpassed the 20% decline that is customarily used to define a bear market. At market close on October 11, 25 of the 30 indexes have officially clocked into bear market territory. The other five indexes are all firmly in correction territory with declines to recent lows ranging from -13.6% to -19.1%.The worst performance as of September 6 belonged to the Brazilian Bovespa, -33.3%. A little over a month later, three other markets have moved lower than Brazil, which remains at -33.3%. The moves are not marginal: Argentina (-37.6%), Vienna (-39.0%) and Hong Kong (-41.9%).
New lows were reached by 25 of the 30 indexes since September 6.
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