IMF

The latest forecasts from the IMF suggest global growth will be negative in 2009 with the UK economy expected to be among the worst performers of the developed nations.

Japan's economy expanded 0.9% in the second quarter compared to the previous one, lifting hopes that it may be recovering after four quarters of contraction.

Emerging market currencies have rallied strongly after a rough opening to the year. Globalisation, the structural driver for the asset class, continues.

Equity markets stabilised in March and rallies witnessed since have reflected investors' belief the combined actions of Western central banks and governments have prevented a horrendous collapse in the global banking and credit systems.