The strong equity rally since March has pushed some markets into positive territory for the year – no small feat considering the disastrous start to 2009.
But this rally differs from last year's sizeable but short-lived upturns, which were driven by hopes that obscure and untested policy shifts would fix the problems in the banking sector. This rally is underpinned by a widespread improvement in industrial sector data and financial conditions.
Unemployment in developed economies is as high as the early-1990s recession, but business confidence is beginning to rise in all regions, with sentiment on some measures less depressed than at any time since the interbank markets dried up in August 2007.
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