This equity rally lacks conviction. The Dow Jones Industrial Average and the S&P 500, the most watched US indices, have retouched all-time highs, suggesting a belief that the summer money-market crisis is behind us. But they seem exhausted by the effort.

Meanwhile, European markets remain below their highs. The sectors that benefit most from economic growth – materials, financials and consumer discretionary stocks – still lag behind their July highs, as do smaller companies. The rally is led by US multinationals and, spectacularly, by the biggest emerging markets.