As noted earlier, China has now broken below its closing low from the month of May to new bear market lows. While most other global indices are neither in bear market territory or at new lows, some are getting close. In the table below we highlight where the benchmark equity indices from the world's 20 largest economies stand relative to their closing lows from the month of May (in local currencies). As shown, the countries next closest to making new lows are the United States (0.16%), United Kingdom (0.45%), and Japan (1.39%). When the benchmark indices of four of the six largest economies in the world are either at or near new lows, it doesn't paint a pretty picture of the outlook by investors on the path of the global economy.