Since November 4, China's Shanghai Composite index has outperformed the US S&P 500 by a cool 75 per cent. November's announcement of an economic stimulus package helped start the rally. In recent days, data showing revived economic activity, and official hints of another stimulus, have buoyed it further.
Meanwhile, Mr Obama has had the most negative welcome from the stock market of any president since 1900. Plainly the market is not happy with the new team so far.
It is hard to attribute this to objections to the huge Obama stimulus package, as China has revived confidence with exactly the same policy; or to complaints about Mr Obama's alleged socialism, as China is run by avowed communists.
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