Flat month for most indexes

It was good to be in Brazil in August. The Bovespa was the top performing index in Europe or the Americas with a 7.31% that was only trimmed to 6.54% in US dollars.

Otherwise, UK stocks or the Nasdaq were good -- but not spectacular -- bets. Germany was a laggard.

So far this year, Italian stocks have been the best performer after factoring in FX changes, with a 27.5% gain in USD terms.