Markets oscillate between bulls and bears but they always keep a place for Tiggers. Like Winnie the Pooh’s friend, bouncing is what markets do best. And what Pooh says of his stuffed friend is also true of the stock market: “He always seems bigger because of his bounces.”

The best day ever for European stocks, and the biggest rebound for US markets since the 1929 Great Crash, must be viewed in this context. Markets are good at bouncing, their course is naturally erratic and a move like this does not prove the trend has changed.