July was kind to bonds, REITs and commodities, but it was a rough month for stocks, particularly in mature countries. That’s only fitting, considering that the mature markets have been suffering from a toxic blend of cyclical and self-inflicted troubles. The ongoing bailout challenges in Europe a la Greece, et al. roll on, although it’s apparently in remission for the moment. In the U.S., debate about debt ceilings and default roiled the equity market, although here too there seems to be some light at the end of the political tunnel if only temporarily, thanks to last night’s compromise.