World stocks have picked themselves up in the past two weeks and the US Federal Reserve's Ben Bernanke helped them on their way yesterday by studiously declining to stoke speculation about imminent rises in interest rates.
The sharp sell-off that started in January begins to look like a correction and nothing more. Continued gains in the oil price strengthen that impression.
But the leadership of markets has shifted in the past month. That comes through clearly when looking at measures of momentum in different stock markets around the world.
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