US equities have had a bit of a bad week with 1% declines on Tuesday, Wednesday, and Thursday and the Dow now negative on the year. While that’s a rough run, local currency prices for equities in in the rest of the world are also in tough. Below we show charts for Europe (Stoxx 600), Italy (FTSE MIB), Spain (IBEX 35), Germany (DAX), UK (FTSE 100), and Japan (Nikkei 225). All 5 of those European indices are now below their 200-DMAs, with all but Italy at new closing 52-week lows. The Nikkei 225 is also right at its 200-DMA. In short, local equity markets around the world are not performing very well in local currency terms. For US investors, it’s less painful; the dollar’s drop versus EUR, GBP, and JPY over the past year means performance is much stronger.