The MSCI emerging markets index has reached bear market territory (20% below trailing 1-year high). Of the top 10 countries in the index, only 2 are not in bear territory. The other 8 are in bear markets.
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Top 10 Country Holdings:
These two are down, but not near bear territory:
Taiwan
Malaysia
These 8 countries are all in bear territory:
China
China has been in bear territory since mid-2011. One could debate whether they got out of bear territory in early 2013. They are well below the 2013 trailing high, but not yet 20% below that level. However, in the context to price since 2011, we call the price a continuation of the long running bear.
Brazil
South Korea
South Africa
India
Russia
Mexico
Indonesia