If you define it as a 20% fall from highs, a bear market has emerged in the emerging markets (in US dollar terms) - but Europe is not quite there and everywhere else has so far seen a relatively modest correction.
Back in February, concerns about US inflation triggered a technical sell-off where the S&P 500 index fell by 10%. After falling now for five sessions in a row, the US is just 5% off its recent high. But...
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