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He pointed to data released on Monday by the Ifo Institute for Economic Research showing that German business sentiment was improving.
The confidence survey, conducted by the executive agency of the European Union, showed that sentiment was improving not only in relatively healthy economies like Germany and the Netherlands but also in Italy and Spain, which have been among the hardest hit by the downturn.
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"Business and household sentiment is improving".
Miles Shipside, commercial director of Rightmove, said: "Buyer sentiment is improving, but the number who can proceed has been savaged by the mortgage famine.
Copper, often seen as a bellwether of global activity, has dropped by 8%.Furthermore, if economic sentiment were improving significantly, you would expect investors to sell government bonds as well as gold.
However, sentiment is improving.
"UK consumer sentiment is improved but our customers' income is still under pressure, and particularly disposable income".
"We believe consumer and business sentiments are improving".
Michael Dell, the chief executive, suggested that sentiment among corporate executives was improving slightly, after three years of recession in technology spending.
On Wall Street, data showing the jobs market was improving helped bolster sentiment initially before wider concerns took hold, sending the Dow Jones index down 140 points.
True, there may be some small reactions to these purchases during the April-June quarter but those reactions will be temporary.What is more important is that business sentiment has been improving, reflecting continuing favourable prospects for profits.
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CEO of Professional Science Editing for Scientists @ prosciediting.com