The global downturn is not over yet, despite some green shoots

There is still a long way to go before the global downturn is behind us, despite signs that we may be emerging from the economic crisis

By Adrian Michaels and Edmund Conway

Suddenly everything is looking rosy. The UK stock market is up 25 per cent since March. The S&P 500 in the US is doing even better, up 30 per cent. House prices are no longer falling at breakneck pace; first-time buyers are finally returning to the market, snapping up cheap properties. Against all odds, businesses and consumers are starting to regain their appetite for spending.

And that's just in the UK. Looking abroad, places where housing foreclosures were at their worst in the US have seen a turn for the better. In Sacramento, California, and Fort Myers, Florida, sales volumes are up 45 per cent on last year. In Las Vegas, the figure is 35 per cent. Embattled and troubled the eurozone may be, but the number of new companies created in France in March had increased by 10.4 per cent – a record increase, despite the country being officially declared in recession yesterday. Even some luxury is back. A plush property development in Beijing sold out in 48 hours last weekend. The 138 properties cost between $750,000 and $2 million (£495,000-£1.3 million).

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