Global productivity set to increase

The lack of overall market movement has masked a mind-boggling divergence in individual stock performance. Very generally, the best performers of the last three months have been financials and software stocks, while the worst are telecoms, media and a few old economy special situations. Perhaps we should not have been surprised that September was so painful for markets. September is statistically one of the worst months of the year for both earnings downgrades and market performance. Strategists have become slightly less negative over the last quarter, increasing their equity exposure. It...