Since the middle of February, equity markets have marched forward.
Double digit rises for many equity indices have been achieved after bear market territories were breached.
We have said on numerous occasions that we believed there to be an over-reaction. We have started to see the oil price uncouple from equity prices and momentum move from away from more defensive assets.
Overnight, China and Japan posted returns in excess of 4%. US equities have led the way, followed by Europe and now Far Eastern markets are catching up.