Global equity markets rebounded in December, with 19 of the 21 emerging markets and 22 of the 25 developed markets posting gains during the month according to Standard & Poor's Index Services monthly global stock market review, The World by Numbers. For 2008, however, the 46 global equity markets that comprise the S&P Global Broad Market Indices lost a combined US$ 17.0 trillion as emerging markets fell 54.72% and developed markets dropped 42.72% for the year.

"A glimmer of hope - that is how we can define December," says Howard Silverblatt, Senior Index Analyst at Standard & Poor's and author of the report. "As central banks race to reduce rates, add liquidity and shore up their local economy, markets remain cautiously optimistic as we move into 2009. However, as evident by the huge stock piles of cash still on the side lines, many world markets are taking a wait-and-see approach. The result is a continuance of extreme market volatility."

Among the more notable emerging market decliners in 2008 were the BRIC countries: Brazil (-57.35%), Russia (-73.67%), India (-64.51%), and China (-53.21%). Morocco was the best performer among emerging market countries declining 15.85%. The second best performer was Israel, nearly twenty percentage points away, with a loss of 34.68%.

As for the developed markets, Ireland (-69.94%), Greece (-66.50%) and Norway (-66.07%) were the major declines in 2008. Japan posted the second best return during the year (-29.22%), with Switzerland close behind at -30.60%. The United States declined 38.68% during the year placing it as the third "best" performer among developed markets and fifth best among all global equity markets.

Sector membership differentiated market performance in 2008, with both the Financials and Materials sectors losing over half their value (-53.77% and -52.90%) respectively.

Telecommunications, Utilities, and Consumer Staples performed relatively well for the year declining 10.39%, 11.45% and 13.84% respectively.