It’s not just the U.S. in sell-off mode.

European and Asian markets, and the ETFs that mirror those regions, were also in the red to begin the week as the spread of the Covid delta variant raised fears over the pace of the global economic recovery.

The INDA India ETF, EZU eurozone ETF, and MCHI China ETF, for example, were all sharply lower on Monday. Those three have also underperformed the S&P 500 in 2021. Most Asian markets fell again Tuesday, but major European indexes were flat but in positive territory on Tuesday.

The near-term outlook appears bumpy, but there is one region that presents opportunity over the longer term, according to Boris Schlossberg, managing director of FX strategy at BK Asset Management.

“I really like Vietnam as a long-term hold,” Schlossberg told CNBC’s “Trading Nation” on Monday. “It’s a booming economy, great demographics, 70% of the population is 35 or under, the government has really improved business…

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