The 2018 FIFA World Cup gets underway on Thursday in Russia.

Will Curse Of The World Cup Runners-Up Hit Stocks Again?

Between France and Croatia, whichever country loses the football World Cup final may witness a month-long equity selloff. At least that’s what the history suggests.

The equity benchmark of the team finishing second declined for a month after losing the final in each of the last six World Cups.

Germany’s DAX fell the most by 17.4 percent for a month since June 30, 2002 after goalkeeper Oliver Kahn-led squad lost to Cafu’s Brazil that had stars like Ronaldo, Rivaldo, Ronaldinho and Roberto Carlos.

This time, Croatia will take on France in their first-ever World Cup final in men’s soccer in Moscow on July 15.

France’s CAC 40 has fallen nearly 1.5 percent since the start of the World Cup on June 15 while Croatia’s Crobex has gained 1.1 percent as of 6 p.m. IST on July 12.