FOR much of 2013 the world’s big stockmarkets had a magical quality about them. They soared upwards—America’s S&P 500 index rose by 30% last year, and Japan’s Nikkei by 57%—buoyed by monetary stimulus and growing optimism about global growth. Over the past month, the magic has abruptly worn off. More than $3 trillion has been wiped off global share prices since the start of January. The S&P 500 is down by almost 5%, the Nikkei by 14% and the MSCI emerging-market index by almost 9%.
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