because unfortunately I have to report the world's stock markets in their first bear market in some five years.

This is the FTSE-All World indexes now down at the close here in the Wall Street.

They are more than 20 percent from its recent high.

You do see if you look at it in broader context,

that it's actually not that long since the last bear market that was when fears over the U.S. credit limit debt ceiling

collided with worries about the eurozone to give us a slightly greater bear market back in 2011.

Obviously, still doesn't compare with the fallout from the dot-com bust,

or the credit crisis, so there's still a lot further we could fall alternatively.

This is still not really such a deep market recession.

Now, if we want to go through the guts of today,

we did actually see the S&P rise quite significantly after in the afternoon.

Largely thanks to market rumours that OPEC is about to get its acts together,

and coordinates to try to push up oil prices.

Obviously if that turns out to be true, that would help many risk assets,

even if it's not exactly having dependency on it, to all who worries them playing the greatest concern at this point about banks.

Beyond that, you saw a continued fall in the dollar,

you saw very dramatic sell-offs in Europe and in Asia,

and you saw further pressure on banks while gold continued to prosper.

The other very important trend I think we need to look at briefly.

So we take a look at this chart.

The 10-year bond yield of this point is now almost back to its lowest.

It has been in the last three years.

And once it gets through that point it doesn't, wouldn't take much to do that.

We will be very close to the post-war low that was hit in 2012,

certainly many people do see it even six months ago that was going to be an enduring low that would last for a matter of years, if not decades.

Now, we again seem to see a weight of money moving back into the bond market.

It's very difficult to see how this can go on much further.

But there it is, quite remarkable resurgence in the bond market while we see the bear market in oil stocks.