Spain, Italy, and Greece: Market Update
While we wait for the closing bell on Wall Street, here's a quick look at today's weak performance in Europe.
The Bloomberg table below shows the breadth of today's decline in the major European indexes. Spain, once again, is the worst performer, which is not surprising, given current spotlight on its financial struggles.
So let's take a closer look at a couple of the markets. Spain's IBEX 35 today hit yet another new low, nearly 62% below its all-time high in 2007.
Italy is very close to setting a new low following its all-time high. A decline of less than 2% from today's close would put the Milan Index below its 2009 trough.
Greece's Athens Index is too small to warrant a row on the Bloomberg table, but it also finished in the red with a loss of 3.19%. Currently its post-2007 low was three sessions ago, on Friday, May 25th -- a decline of 90.90% from its all-time high. That's worse than the Dow Crash of 1929. Check out the Dow-Athens comparison here.
For a perspective on the relative size of the economies of the Spain, Italy and Greece, see my commentary How Big Are the PIIGS? (Bigger than you may realize!).