Quite a few people have been asking lately why on earth the equity market is so high, but I make no apology for joining them. If the Dow can rise 540 points in two days - as it did last week - something rather odd is going on.

Let us begin with the fact that most equity markets are still higher than at the start of the year. In the case of the FTSE World Index or the S&P 500, that partly reflects the dollar's weakness. But even the sterling-denominated FTSE All-Share is up a fraction, which is remarkable given the hammering dealt out to banks, construction and real estate - which together comprise more than a fifth of the UK market.