We are halfway there. FTSE’s developed markets index has now regained half of its losses since it peaked in October 2007. Having fallen 59.7 per cent, it is now down only 29.7 per cent from the top. This brings the index back to its level of September 17 last year – the day panic broke out after the AIG rescue. Even before that disaster, equities were already in a bear market.

What should we make of the landmark? Teun Draaisma, of Morgan Stanley, points out that rebounds after big bear markets tend to be about 70 per cent. This one is closing in on that. But the speed with which this rebound has made good the losses is historically unusual – perhaps because this rebound is being deliberately aided by governments.