January was a rough month as turmoil in the emerging economies appeared to cause world markets to come down.
Stocks, bonds, currencies... it seemed like everything but U.S. Treasuries tumbled.
But that's not exactly true.
Italy of all places saw its stock market tick higher. And it might surprise everyone to hear that Indonesia, home to one of the so-called "Fragile Five" currencies, jumped over 3% for the month.
In local currency terms, there were even more markets that closed the month at closer to breakeven.
Here's a round-up of global equity market returns around the world.
Morgan Stanley