A major factor behind the soaring growth of risky wealth-management products in China is that investors typically think the government stands behind them. Lately, nervous regulators have been emphasizing that this isn’t so. But they’ll have to do a lot more to change expectations in a state-dominated economy. Wealth-management products are short-term, high-yielding investments that are issued by banks. …

  A new sentiment washed over investors immediately after the U.S. presidential election in November. Traders started to believe in a new narrative of reflation, a marked shift from the many months of talk about deflation and persistent slow economic growth. They piled into inflation-protected securities and bought riskier assets. They projected higher commodity prices because big economies were suddenly …

  The European Council, which includes leaders of EU member states, normally issues a consensus document at the end of each meeting. On Thursday, it failed to do so because one member — Polish Prime Minister Beata Szydlo — refused to approve it. The spat tells us something about the rocky future of a multispeed Europe. Szydlo’s snub had nothing …