LG, the technology company, has predicted that 30 million people will buy 3D TV sets by 2012. Suddenly there is a huge new market, not just for 3D TV and cinema performances, but for the eyewear that makes appreciating it possible.

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China has gotten away with pretty favourable trade terms for years, via a relatively more closed domestic market plus an under-valued yuan, but this time the US won't simply roll over. A nasty trade war will erupt, which will be economically disastrous for both sides.

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Jeremy Grantham, chief investment strategist at GMO, says that any advance from current levels will make markets seriously overpriced.

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