The $5.2 trillion hit

S&P just toted up world stock market losses for January:

Standard & Poor's said the world's equity markets lost a
combined 5.2 trillion dollars as emerging markets fell 12.44 percent
and developed markets lost 7.83 percent to register one of the worst
starts to a new year.

"There were few safe havens in January as
50 of the 52 global equity markets ended the month in negative
territory, with 25 of them posting double-digit losses," said Howard
Silverblatt, senior index analyst at S&Ps.

All 26 developed equity markets posted negative returns in January, with 16 losing at least 10 percent of their value.

January declines negated all previous market gains, leaving all of the
developed markets in the red for the trailing three month period.

And among emerging markets, only Morocco and Jordan ended January in the black.