The global stock market rally feels fragile | Nils Pratley

Shares have bounced back but it's too soon to call the bottom for prices in the Covid-19 pandemic

Have we seen the bottom for stock markets? It is tempting to believe so after two days of fast action as investors have responded to the welcome sight of flatter coronavirus curves in Italy, Spain and Germany.

Some of the gains in individual stocks - those that had fallen the furthest - have been stunning. Speedy boarders could have made a 27% return in 48 hours by buying shares in easyJet first thing on Monday morning. In the same short period, Rolls-Royce, the engine-maker, gained 24%. Like easyJet, it was able to unveil a self-help strategy involving more borrowing.

Related: FTSE shrugs off dire UK data as markets sense easing of Covid-19 crisis