Had you told a stock market analyst at the start of the year that rates would have been cut by such an extent, they would have predicted one of the great bull years for equities. But most indices are still well down on the year, a reflection of the enormous squeeze on corporate profits. But markets are classic discounting mechanisms - they are already looking to the 2002 recovery. Investors need to remember, however, that not all the bad news is out yet. While the central banks may revive activity at the macroeconomic level, there's going to be lots of pain at individual corporations.

Introduction   •   Global Stock Market Indexes   •   Recap of Global Markets   •   Currencies   •  Indicator Scoreboard

The Bottom Line   •   Looking Ahead