The global economy has moved from contraction to recovery phase, according to research from Credit Suisse private bank, citing a range of indicators which have moved into more positive territory.

Credit Suisse research analysts Michael O'Sullivan and Robert Cronin say: "A recovery phase tends to be charaterised by a pick-up in demand, tame inflation and unemployment moving off its lows." Equities, commodities and lower-rated corporate bonds tend to perform best in this environment.