Crispin Odey, the London-based hedge fund manager who has argued that rising bank valuations could presage a new bull market, posted a 28% gain in his European hedge fund last month – more than double the gain on his fund over all of last year.

David Stewart, chief executive of Odey Asset Management, said that over the first four months of the year, the fund has made a 24.7% return. This is a substantial turnaround for the fund, which posted a -2.45% return for the first three months of the year. The figures mean that the fund's return in April alone would have been 28%.