The main issue for global equity investors is whether the current rally is not simply a classic bear market correction, but the start of a new bullish trend.

On Friday, equities were on course for their sixth consecutive weekly gain. A glance at leading equity benchmarks reveals that many have experienced a substantial rebound after hitting their lows in early March. The S&P 500 has rallied 28 per cent, while the technology-laden Nasdaq has risen 31 per cent.