Bull calves, bear cubs

THE “national team” was supposed to save China’s stockmarket. Investors were coming round to the view that the government had succeeded in stabilising share prices after the central bank had pumped billions of yuan into the market in recent weeks. Stocks were slowly clawing back territory lost in their sharp tumble of the previous month. But on Monday the Shanghai Composite, the country's main index, fell 8.5%, its biggest one-day fall since early 2007.

As with any sudden sell-off,...

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