Source: Bloomberg

Hong Kong’s recovery overnight was led by Chinese financials, with big insurers up about 3% and the banks up 2% to 2.5%. Notably, Hong Kong futures moved before S&P 500 futures both on the way down and the way up (see circled areas on the intraday chart).

Hong Kong futures rallied smartly after Wall Street’s worst day in months, which is yet another indication of America’s declining economic influence.