Rebuilding the BRIC Foundation

The BRIC countries that were the foundation of the emerging markets trade during the global bull market from '02 to '07 have led the declines on the way down as well.  Below we provide an updated chart of the declines from their peaks for Brazil, Russia, India, and China.  As shown, Russia is down the most at -76%, followed by China (-67%), India (-56%), and Brazil (-52%). 

In recent weeks, China has actually broken its long-term downtrend and moved above its 50-day moving average, but the other three BRICs continue to struggle.

click to enlarge