Factors affecting the advanced markets this year included a slowdown in the recovery in Europe,with some countries tipping back into recession and geopolitical developments regarding Ukraine and Russia impacting business confidence A significant decline in the euro-US dollar exchange rate meant that a year-to-date +1.83% advance in Eurozone equity marakets in the local currency, the euro,was transformed into to a -9.37% drop in US dollar terms. Within the Eurozone there were great differences among national markets. In US dollar terms only lrland (+1.63%) and Belgium (+2.97%) escaped a year-to-date loss, and elsewhere in Europe, only Denmark has remained in positive territory, at +7.03% The losses in US dollar returns for Finland (-2.893.19%)and Spain (-3.89%) were relatively small. In contrast, very sizable losses in US dollar terms were the case for Germany (-11,22%), Eurozone who used an ETF hedged against currency changes were able to limit their losses For example, the Wisdom Tree Europe Hedged Fund year-to-date return is -1.64%.