The combination of shrinking supply and rising demand bolstered market tone.

FORBES: March 2012, US Leveraged Loan Market Trends and Analysis

Russia would like to think that the recent slight softening of Iran's public tone and the rising domestic criticism of its president, Mahmoud Ahmadinejad, may owe something to fears of losing its only legitimate outside source of nuclear technology.

ECONOMIST: Russia and the Middle East

But recent comments from top officials suggest the bank wants to clamp down hard on rising prices and is adopting a more hawkish tone.

WSJ: Investors Seek Clarity From People's Bank of China

The tone seems stuck at a lazy bonhomie, amusement for a rising, self-satisfied commercial class.

NEWYORKER: Haarlem Shuffle