Economic data can be spun to fit the mood. Right now, investors are feeling bullish, as shown by their treatment of Chinese growth. China’s economy expanded 8.9 per cent in the fourth quarter of last year. There were two bullish interpretations. First, that it was better than economists had forecast and a stronger economy meant higher share prices. Second, that it was lower than the previous quarter and a weaker economy meant more monetary easing and higher share prices. Either way, no hard landing.

It would be just as easy to build a bear case. Growth last year was as slow as 2009, the worst year of the past decade, and Chinese officials were downbeat about the coming months. A hard landing is as likely as ever.

But when sunny optimism prevails, few want to hear bad news. Measures of sentiment suggest investors are feeling good, after months of gloom.