“There will not be a global recession in the next 12 months,” John Redwood, chief global strategist at Charles Stanley, told attendees at the PAM Annual Dinner.

The view one is looming comes from people misreading bond markets in some parts of the world. The inversion of the yield curve which sometimes signals a recession, “on this occasion is not signalling a recession.

“It’s signalling a very strong belief by the markets that the US Federal Reserve Board will follow the Trump agenda and will cut interest rates,” Mr Redwood posited.

Meanwhile, Mario Draghi, president of the European Central Bank, ...