Sean Farrington, portfolio manager at the Bahamas-based global fund manager Holowesko Partners, isn’t surprised that the rally that set markets alight in January and early February is running out of steam.

“In our view, that’s now running up into the reality of what’s going to happen with earnings as we go into the rest of the year, and the reality of what’s going to happen to consumers as we go into the rest of the year.”