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Newly merged brokerage Shenwan Hongyuan is worth $41 bln – more than Charles Schwab. Its peers trade at triple the valuations of most global securities houses. The mania is part excitement over China’s stock markets, and part misguided belief the state can keep things afloat.

New Greek debt deal will mean more brinkmanship

Markets are relaxed that the anti-bail out Syriza government can cut a new deal with creditors. But pressure points lie ahead, with 6.6 bln euros due in the middle of the year. Getting over the hump will need quick progress on tackling Greece’s big, long-term challenges.

ECB, Syriza have broken euro zone's German spell

The European Central Bank’s easing and the Greek anti-austerity party’s electoral victory show the euro zone is breaking free of German dominance. With loose monetary policy and banking union, it seems ready for growth-friendly policies that don’t ignore economic reality.

Monetary mess threatens gains from oil oversupply

Too much production accounts for about half of the oil price slide, by one calculation. The surplus of cheap crude should boost oil-importers’ GDP. But the gains may not materialise, thanks to central banks’ ultra-low interest rates and wobbling anti-deflation credentials.

U.S. $16 bln paper deal requires precise folding

Rock-Tenn and MeadWestvaco shareholders will split their combined company evenly, with a balanced board. Investors are already inking in $300 mln of annual cuts, pushing both stocks up. Mergers that look equal, though, can still provoke business and cultural upheaval.

Greek banks will have to live hand to mouth

After Syriza’s victory comes a long haggle over debt reduction for Athens. While this drags on, liquidity-short Greek banks have to rely on uncertain funding signed off by the ECB. The struggle to survive will delay dealing with another headache: their mountains of bad debt.

Obama's nuclear gift to Modi is shrewd investment

The U.S. president has unblocked a stalled nuclear power deal with India, allowing Prime Minister Narendra Modi to build new reactors. While that will boost orders for GE-Hitachi and Westinghouse, bigger gains to the U.S. economy will come from ending India’s energy deficit.