The year has begun on a tumultuous note. The Nikkei, DAX and S&P 500 all gapped lower the first day of the year. However, heightened anxiety has calmed as the fire appears to have burnt itself out, and equities have moved higher over the past two week. Three sources of stress have eased. Investors are no longer taking their cues by what happens to Chinese stocks. Nevertheless, both the Shanghai and Shenzhen Composites are posting small gains for the month of February, unlike most bourses. Second, the yuan has stabilized. The onshore yuan is off 0.7% so far this year, while the offshore yuan is up 0.35%. In ... (full story)