There's Agitation Under Blanket of Calm for Global Stocks: Chart

The apparent market calm in stocks worldwide is masking a whole lot of action between industry groups this year. Volatility for the FTSE All World Cyclical Index, which tracks companies that are most vulnerable to changes in the economic cycle, is rising relative to swings for a gauge of defensive shares. While asset allocators have been worrying about investor complacency, stock pickers see the rising turbulence among cyclical names as an indication that equities have been anything but complacent, Citigroup strategists including Robert Buckland wrote in a note.