The sunny optimism of Paul Hulme, a senior executive at Huntsman, the US chemicals group, reflects a dramatic recovery in the Asian economy since March which has raised hopes that the region is experiencing a sustainable V-shaped recovery rather than entering a bumpy or W-shaped rebound.

Mr Hulme is having a good summer. After a huge fall in sales over the six months to March, the division he heads up as global chief executive for textile chemicals has bounced back so much he is forecasting a 10 per cent rise in Asian revenue for the year.