German retail sales for May register a 2.8% fall, the steepest month-on-month decline in four years, which is a reminder to investors that even if eurozone’s fiscal woes are abating – another austerity vote in Athens on Thursday will put that to the test – the global economy is already enduring a period of stuttering growth. The volatile quarters about to end in generally upbeat mood as fears recede of a messy default by Greece.

By mid-trading on Thursday the FTSE All World index was up 0.6%, while in Europe the FTSE Eurofirst 300 was up 0.4%. In early morning trade the Asian markets extended gains, with resources groups higher on the back of an overnight rise in crude oil prices – though this also led to softness in airline stocks on fuel cost concerns. The FTSE Asia-Pacific index climbed 1.4% as Shanghai rebounded 1.3% as volumes picked up.

The S&P 500 futures pointed to Wall Street opening with a 0.3% gain although Treasury yields are pulling back from 5-week highs, suggesting an undercurrent of demand for perceived havens. Global stocks have rallied 3.4% so far this week, helping partially to gloss over a difficult second quarter, during which cyclical highs were touched at the start of May but worries over a worldwide economic soft patch, the eurozone sovereign debt crisis and continuing unrest in the Middle East saw risk assets post broad declines over the preceding eight week.

On Thursday ECB President Jean-Claude Trichet has reiterated at a press conference the “strong vigilance” phrase regarding inflation. This all but confirms an interest rate rise by the central bank next week. Meanwhile, yield spreads for Spanish and Italian bonds relative to Bunds remain only several basis points off euro-era highs.

Thursday June 30 is the day that the US Federal Reserve finishes its $600bn market support programme, known as QE2. The Fed is now saying to the market; “You’re on your own now”.