Depending on your view, the world is on the brink of yet another global recession or in the process of having a bit of a confidence wobble. Either way, markets have suffered badly.
Analyst David Buik, at Panmure Gordon, has ranked the worst-performing global markets so far this year. And although Chinese markets have made the headlines so far this year (although this week they're closed for Chinese new year), it is Milano Italia Borsa (MIB) which has fared the worst, falling 24.4 per cent since the beginning of the year.
Meanwhile, the FTSE 100 has come off relatively unscathed, falling a mere 8.84 per cent.
The figures don't take into account today's falls, but do give an indication of quite how bad things are looking for equities traders: today the FTSE 100 finished exactly one per cent lower, at 5,632.19 points. The heady days of 7,000-plus are looking pretty distant now…