The prospect of further support from the world’s central banks helped lift some of the gloom in global markets this week, with oil prices pushing back above $32 a barrel and US stocks securing their first weekly gain of 2016. But the improvement in risk appetite only came after a number of benchmark stock indices slid into “bear market” territory — defined as a drop of 20 per cent from cyclical highs — and oil hit levels not seen for more than 12 years. A clear trigger for the turnround in sentiment came from very dovish comments on Thursday from Mario Draghi, president of the European Central Bank, which many in the markets viewed as signalling that further stimulus measures could be unveiled in March. “Although the [ECB policy] meeting is seven weeks away, could Thursday have marked the start of another plate-spinning cycle from the central banks?” asked Jim Reid, macro strategist at Deutsche Bank. “The market chatter is now looking towards [Bank of Japan governor] Kuroda to signal more action when the BoJ meet this time next week. Will [Federal Reserve chairwoman] Yellen also signal a more cautious and dovish stance at the Fed’s Open Market Committee meeting next Wednesday?” Analysts at Nomura said that while Fed tightening expectations had diminished considerably, a move in June was still their base case.