Three of the most influential market commentators in the UK and US have each highlighted the precarious nature of the global recovery, warning that even assiduous fire-fighting by central banks and regulators may be insufficient to ward off further damage.

Separate strategy updates from Bill Gross, co-chief investment officer of Pimco; Jeremy Grantham, co-founder of US asset manager GMO and Andrew Smithers of Smithers & Co, all sounded a cautious note on the global economy.