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Takeaway: Outside the UK's FTSE, in the past year, European equity market drawdowns range from the German DAX's -3.4% to -28.98% for Italy's FTSE MIB.

Italy is getting smoked by the UK at both the Olympics and in real stock market returns – Italy’s MIB Index leads losers again this morning -1.1%, taking its crash back down to -30.8% from the 2015 peak in the Global Equity Bubble… #EuropeImploding (economically) remains a Top 3 Macro Theme @Hedgeye.

Meanwhile, in Germany...

It's been a rough year for European equity markets.

No Gold Medals Here: Italy Leads Europe's Equity Market Losers - europe 8 17

Outside the UK's FTSE, in the past year, European equity market drawdowns range from the German DAX's -3.4% to -28.98% for Italy's FTSE MIB.

No Gold Medals Here: Italy Leads Europe's Equity Market Losers - europe 8 17 2

Editor's Note: The snippet above is from a note written by Hedgeye CEO Keith McCullough and sent to subscribers this morning. Click here to learn more.