EVERYTHING IS GOING SWIMMINGLY (CHINA EDITION): Gloom Returns to China Markets as Stimulus Trade Fizzles Out. “Beijing is making it clear that any easing will be targeted and measured, bidding farewell to the days of massive stimulus that drove leveraged buying and inflated asset prices — a distortion that the nation’s leaders are determined not to repeat.”

Repeat or not, Chinese real estate still hasn’t undergone the painful reevaluation needed to restore some sanity.