The worst may already be over for the global economy

Deutsche Bank, Morgan Stanley and Bloomberg Economics are among those whose economists reckon the slide will bottom out in this quarter or next before the world economy starts to accelerate again later in the year.

Fed Chairman Jerome Powell says he and colleagues will be patient on raising interest rates again, while European Central Bank President Mario Draghi has ruled out doing so this year and unveiled a new batch of cheap loans for banks.has joined the central banks of Canada and the UK adopting adopted a wait-and-see approach. China, at its National People's Congress this month, signalled a willingness to ease monetary and fiscal policies to support expansion.

IHS Markit's indicator of global growth rose in February from a 28-month low and, encouragingly, there was an improvement in the gauge of demand.Global trade fears are overblown, as are concerns that global growth may slow significantly.Citigroup's surprise index for the euro area -- which has been one of the weak spots of the global economy -- has rebounded to its best reading in almost five months.

Oh dear.

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