The extreme intervention by global central banks distorts the price signalling effects of the marketplace and increases uncertainty in financial markets but also the real economy, says Peter Garnry, Equity Strategist in Saxo Bank's Q4 Outlook.

On that basis equity risk premium and credit spreads are worth less value to investors. We foresee subdued economic growth going forward as the financial repression continues and in that environment small niche companies with comparative advantages will do well compared to larger companies.

For more of Peter Garnry's commentary on TradingFloor.com see: http://www.tradingfloor.com/traders/peter-garnry