European markets reacted to a possible impasse regarding negotiations surrounding the exit of Britain from the EU, also known as Brexit. Six months remain before the formal separation between the two occurs.
Developed and emerging market equity indices are having a tough time keeping up with U.S. equities, with most major international indices posting negative returns for the year. Emerging markets welcomed a weaker dollar as trade tensions wore on the U.S. currency.
Rising oil prices levied an additional burden on larger developing nations including Turkey, India, the Philippines, and South Africa as these countries import the majority of their oil. Higher oil prices tend to spur inflation for countries dependent on imports and laden with debt payments.
Sources: Eurostat, Reuters
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