Black screen when launching standalone debugging with VS2013

I’m trying to standalone debug (i.e. no editor) a scene with a simple box on it in VS2013. Everything compiles just fine but every time I try to launch debugging in Development or DebugGame mode (Win64, UE4 checked out from GIT release branch 4.6) I get a black window.

The game seems to start, CPU spins to 30% and the log just says

[2015.01.21-20.19.59:093][  0]LogMemory: 18112K allocated in pools (with 2922K slack and 819K waste). Efficiency 95.48%
[2015.01.21-20.19.59:093][  0]LogMemory: Allocations 70042 Current / 1150877 Total (in 283 pools)
[2015.01.21-20.19.59:093][  0]LogMemory: 
[2015.01.21-20.19.59:100][  0]LogWorld: Game class is 'GameMode'
[2015.01.21-20.19.59:103][  0]LogAIModule: Creating AISystem for world Entry
[2015.01.21-20.19.59:104][  0]LogWorld: Bringing World /Engine/Maps/Entry.Entry up for play (max tick rate 0) at 2015.01.21-21.19.59
[2015.01.21-20.19.59:105][  0]LogWorld: Bringing up level for play took: 0.001339
[2015.01.21-20.19.59:107][  0]LogInit:Display: Game Engine Initialized.
The thread 0xf94 has exited with code 0 (0x0).
[2015.01.21-20.19.59:310][  0]LogLoad: Full Startup: 7.12 seconds (BP compile: 0.00 seconds)
The thread 0x2084 has exited with code 0 (0x0).
The thread 0x488 has exited with code 0 (0x0).
[2015.01.21-20.19.59:438][  2]LogRenderer:Warning: Reallocating scene render targets to support 1600x904.

but nothing is shown. I even edited DefaultEngine.ini to drop potentially-expensive optimizations.

If I run the scene into the editor or launch it standalone from the editor it works just fine and the box is shown.