Ginzburg was the former head of the theory group at the PN Lebedev Physical Institute in Moscow.

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Ginzburg says that, although further breakthroughs of psychologically important levels makes the market vulnerable to negativity, it does set the stage for a strong, snapback trading rally.

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Alexei Abrikosov, who now works at the Argonne National Laboratory, in Illinois, and Vitaly Ginzburg of the Lebedev Physical Institute, in Moscow, were responsible for discovering how type-II superconductors work (it is all down to the behaviour of their electrons).

ECONOMIST: The Nobel prizes