In Othello, Iago tells Roderigo: “How poor are they that have not patience! What wound did ever heal but by degrees?” Impatience is often the undoing of Shakespeare’s characters, and the same applies to investors in contemporary financial markets. The credit crunch has been under way for more than a year, recession has been in the air if not in the data for what seems like an eternity, and it is tempting to see risk assets as cheap or oversold.

The decline in oil, copper, corn and other commodity prices is a case in point. Cheaper commodities are unequivocally favourable for the economy. And if prices stabilise or fall further, positive headline inflation surprises will cause even greater repricing of interest rate futures contracts, lower policy rates will ensue and equities will have something to shout about.