Are we there yet? After Wednesday night’s better-than-expected inflation numbers out of the United States and a pretty solid start to August reporting season at home, it’s natural more investors are starting to ask whether the sharemarket lows seen in June might represent a low point for global equity markets.

Having focused for so long on the risk of a recession, investors are right to consider the “risk” that they could be caught out being too bearish when the global economy is heading for a soft landing.