There are many examples of cycle-specific consumer events, but an easy one to classify is the summer driving season.

FORBES: How To Use ETFs For Sector Rotation Strategies

Mr Ritter reckons that current earnings yields are the best guide but earnings need to be massaged over ten years or so to remove the distorting effects of specific moments of the business cycle.

ECONOMIST: Buttonwood

The summit will also be used to assess the European semester, a six-month cycle of scrutiny of the economies of EU countries, resulting in the publication of country-specific guidance to countries whose policies and budgets are out of line.

BBC: MEP: Greek crisis is 'dangerous for democracy'