Dhaval Joshi of RAB Capital, a fund-management group, says that there have only been four other quarters since 1980 when gold, equities and Treasury bonds have risen by 4% or more.

ECONOMIST: Buttonwood

Tabrani Rab, a Riau native and member of the central-government committee overseeing the devolution system, is more worried about corruption.

ECONOMIST: Devolution isn't working as planned

He then went on to study at Trinity College, Cambridge - when Lord Rab Butler, the former Conservative deputy prime minister and a relative of Welby, was head of the college.

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