Stock markets have rebounded nicely lately, but the global downtrend remains intact. Bespoke Investment looked at the performance of exchange-traded funds (ETFs) tracking 22 international markets. Only four countries – Taiwan, the US, India and Canada – are comfortably above their pre-Covid highs. Even here, the trends “are not exactly positive”, says Bespoke, with each sitting in multi-month downtrends.

Still, diversified investors might view the glass as half-full rather than half-empty. The strong US performance means the MSCI World Index remains more than 10 per cent above its pre-Covid highs. That’s not great, but given what we’ve lived through – a global pandemic, war in Ukraine, and the worst inflationary shock in 40 years – it’s not bad either.