Investors are holding their breath, now the rally in share prices has been rudely interrupted by the publication of harsh economic data by the International Monetary Fund and the UK Government. Losses at Morgan Stanley have acted as a reminder that problems for the banking sector are far from over, although decent first quarter profits at Credit Suisse suggest an improvement.

The next move in indices, up or down, will be crucial in defining the state of the market. And, needless to say, the advisers who work at different banks are hopelessly split, now that shares are less obviously cheap than they were six weeks ago.