China is no longer the worst-performing international market.
Brazil has taken the lead among laggards in the past month. The EWZ Brazil ETF has fallen 12% during that stretch, to its lowest level since mid-March.
But, for investors seeing the potential to buy the dip, one market expert has a warning.
"As tempting as it is to bargain hunt Brazil right now, I think ... there's just way too many problems," Boris Schlossberg, managing director of FX strategy at BK Asset Management, told CNBC's "Trading Nation" on Thursday.
The first problem is a slowdown in China that will likely have a knock-on effect on Brazil as one of its largest trading and export partners, Schlossberg said.
The second is concern over President Jair Bolsonaro's leadership, he said. Critics, outraged by Bolsonaro's response to the pandemic and a worsening economy, called for his impeachment during protests over the weekend.
"Until the political situation calms down, I think it's very much a step away at this point. I would definitely sidestep Brazil," said Schlossberg.
It's not the only international stock market facing trouble, according to Miller Tabak chief market strategist Matt Maley. He sees a slowdown in China hitting other major Asian economies and markets.
"The KOSPI index in South Korea — it's already down 12%. It's broken below its trend line going back to May of 2020, the pandemic lows, and made a key lower low below 3,000," Maley said during the same interview. "Then Japan's Nikkei index has also broken below its trend line for 2020. It hasn't made a lower low, that 2,700 level, but it is getting close."
"The point is stock markets tend to move six months in front of the economy. So they seem to be telling us that things are going to be slowing down, and China is kind of the main culprit," said Maley.