The pace of economic decline is slowing. Housing sales are picking up, even if prices are falling. Credit markets have begun to thaw.The Baltic Dry Index measuring freight rates for iron ore and other bulk goods has been creeping up...The debt markets have opened like a flower in spring, at least in one sense. Companies issued $246bn (£171bn) in bonds in January, the most since the credit crisis began.
...interest spreads on three-month dollar Libor have come down to 1pc from the extremes above 2pc...The rate for 30-year mortgages has fallen to 5.28pc from 6.5pc two months ago."China's manufacturing is no longer in free-fall," said BNP Paribas.The inventory cycle of the OECD club of rich states may be turning...Michael Vaknin from Goldman Sachs said we are getting "closer to the point" in the re-stocking cycle where industrial output stabilises.
SocGen's perma-bear Albert Edwards said. "There is not a cat's chance in hell that this really is the bottom of the cycle."