Kerrin Rosenberg, chief executive of the UK operations of Dutch consultant Cardano, likes to compare market volatility with a trip to the Lake District. He said: “At certain times, you are travelling along motorways at 60 to 70 miles an hour. At others, you are creeping along dark, country roads at 30.”

His view has improved a little over the past few months. But he adds: "The market road is quite dark. It is safer to watch out for the risks you are facing than anticipate returns."