Chinese and Japanese shoppers are out in force, picking up bargains as currencies such as the euro weaken. Unlisted Chinese state-owned enterprise China National Chemical Corp this weekend agreed to buy a majority stake in Camfin, which owns 26 per cent of Pirelli, with a view to an eventual takeover. The deal would value the Italian tyremaker at €7bn.

This is the latest in a flurry of Chinese activity that has included purchases from Portuguese banking to European tourism. Since 2010, Chinese companies have increased their overseas spending by about one-tenth a year. In 2014, they splurged $70bn on outbound mergers and acquisitions, according to Dealogic.

Still, 2015 has had a slow start: excluding Pirelli, Chinese companies have forked out less than $9bn on overseas stakes, about half the level of this time last year. Japanese activity has been more significant. Companies there have spent $35bn on overseas M&A — about two-thirds of the $50bn spent in each of 2013 and 2014. The biggest purchase so far has been soon-to-be-listed Japan Post’s acquisition of Australian logistics company Toll Holdings .