Crispin Odey, the London hedge fund manager who hit the headlines last year for shorting UK banks, has said the recent market rally could be the first signs of a new bull market, according to his latest monthly report. His bullish assessment makes him the latest in a string of high-profile investors to suggest the markets are on the way up.

Odey wrote: "In a little over a month much has changed. Stock markets have shot up, led by the financials and the base material sectors. Opinion is divided over whether this is a bear market rally or the beginning of a new bull market. I think it has the chance to be a new bull market."