Global and regional equity markets declined in July due in large part to the U.S. dollar continuing its climb versus the euro and yen, in tandem with the rising price of crude oil, according to a new report from Standard and Poor’s.

As repoted in the Global Stock Market Review, the S&P/Citigroup BMI Global Composite fell 3.47% during July with nearly every region posting a loss.

Among the regional indices, the S&P/Citigroup BMI Asia Pacific Index was hit the hardest in July, declining 4.80%. The BMI North America and BMI Europe both fell in July, losing 3.64% and 2.74% respectively. Also in July, the BMI Developed World index declined 3.56% – the worst loss for this index in 12 months.

Value stocks maintained their performance edge over growth in July, but both styles did suffer declines. The S&P Citigroup BMI Developed World Value and BMI Developed World Growth indices lost 3.19% and 3.92% respectively for the month.

European style indices experienced the smallest losses, posting a 2.44% loss for growth and a 3.05% loss for value. The Asia Pacific region growth and value indices lost 5.06% and 4.54%, respectively; North America growth and value indices lost 4.35% and 2.93%, respectively.

Although July took a toll on investors, year-to-date returns remain mostly positive across the world, as the BMI Global Composite is up 0.87% in 2004. Developed markets outperformed emerging markets, reporting 0.99% and 1.54% losses, respectively. The Asia Pacific region experienced the greatest difference in returns, posting a 3.95% gain in its developed markets as the region’s emerging markets fell 7.38%.