Markets are asking the same question as bored children stuck in a long delay at Dover “Are we there yet?” The second half of July saw yet another bear market rally and while we are not sure we are ‘there’, this one does look the most convincing to date in terms of putting in some sort of market low.

”Beware the Ides of March”. There is no reason to feel a bit nervous about the date as President Zelensky addresses a Senate, just as Caesar did on this day in 44 BC, other than the fact that those...