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US President Barack Obama said last week that the recession-hit US economy was showing “glimmers of hope” despite remaining under strain and promised further steps in coming weeks to tackle the financial crisis. “We’ve still got a lot of work to do,” Obama told reporters after a meeting with economic and regulatory teams plus Federal Reserve Board Chairman Ben Bernanke. But he added, “We’re starting to see progress.” Obama spoke a day after encouraging trade and jobless figures pushed stocks higher, and White House economic adviser Lawrence Summers predicted the economy would emerge from a sense of “freefall” by the middle of the year.

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US bank Wells Fargo & Company forecast a record profit last week, South Korea steered clear of recession, and Chinese export data beat expectations, all offering hope that the worst of the financial crisis had passed. Encouraging data on US trade and jobless claims helped Wall Street stocks end up for a fifth week on Thursday, while White House economic adviser Lawrence Summers predicted the economy would emerge from a sense of “freefall” in months as stimulus and rescue efforts took effect.

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