One of the biggest questions heading into 2008 is whether or not the global equity rally can keep going for a sixth straight year. Implied in this statement is that 2007 was the fifth year of a global bull market. However, a look at the returns of major international indices in any currency but the dollar shows that 2007 was not really such a great year. Below we highlight the 2007 returns of major international equity indices, in terms of Euros. Of the 12 indices we listed, only five had double digit returns in 2007, and four finished 2007 down for the year, including the US which was the second worst performer behind Italy.