Recovering oil prices are helping to push European equities off their lows of the day, while US markets continue to push higher albeit at a slow pace.

Slow seems to be an apt word to describe conditions at the moment. Aside from Monday’s plunge, equities seem to have settled back into the tighter daily ranges that have become the norm over the last couple of months.

The pace of the global meltdown has itself slowed, but judging by today’s US unemployment claims increase, any meaningful recovery will be long and drawn out.

After the frantic days of the first quarter, perhaps a quiet crawl back to growth might be best outcome for the next few years. If offered this outcome at the height of the crisis, it is doubtful that many would have refused it.

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