Today's Major Market Move: Montenegro Equity Market Down 6.7% in October

Like other fringe Euro economies, like Hungary and the Ukraine, Montenegro is also having economic issues. Its equity markets have dropped 6.7% in October and over 20% since March. The October drop is especially discouraging considering that over 80% of global equity markets were in the black due to the most recent EU bailout.

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Montenegro doesn't issue its own currency; it essentially has been bootlegging the Euro since its introduction in 2002. This means Montenegro has the same currency problem as the rest of the PIIGS in that it cannot boost exports and reduce imports with a weaker currency. If you look at the chart of the stock market in Montenegro vs the USDEUR, you'll see some direct correlation (although for the period from May through Sept, the Montenegro Stock Exchange declined while the USDEUR stayed flat).

Click here to go to a live version of the chart.