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With only Japan and Korea showing any positive signs, the leading markets all dived. Hong Kong down more than 1.5%, Singapore down more than 3%, New York down more than 2.5%, London down more than half a percent.

The reasons touted around range from profit taking to markets following each other.

The reality is more prosaic: there is still huge uncertainty in the markets. And the flight to cash is not over yet.

Gold fell slightly, but oil, which is something of a Cinderella story at the moment in that it's working away but no one is paying attention, is making steady gains to reach more than USD58 per barrel yesterday - that's more than 10% up from its lows several weeks ago.

Whatever the good-news merchants are saying, and that includes the OECD which tried to pump up the UK's prospects of recovery this morning, the global economic problems are not over yet.

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