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Markets are hopeful that the threat of recession has faded, giving rise to a risk on rally. Indeed growth forecasts for the major economies are seeing consistent upward revisions.

Central banks in developed markets reinforced the message that rates will need to stay high for some considerable time to bring inflation back to target, dashing hopes of substantial cuts next year. In contrast, Brazil cut rates for the second time this cycle, while Poland lowered borrowing costs for the first time in more than three years.

Interest rate uncertainty has gripped the markets, after US jobs and inflation data beat expectations. A sharp rise in US Treasury bond yields has lowered the attractions of more highly valued equities.