Europe - Bears may already be out of the woods

Following 'Black Monday' a number of global markets from Australia to Zurich have entered an official bear market. First small-caps were hit, then mid-caps, then large-caps. Defensives have suffered along with cyclicals. Even the London Metal Exchange index is down almost 25% from the highs of May last year. There really has been nowhere to hide. The phrase 'entering a bear market' not unnaturally sends waves of panic through investors, although of course it might be less alarming to say 'completing a bear market'. After all, to meet the definition of a bear market the market must h...