WE ALL know that sovereignty over Hong Kong passed from Britain to China in 1997, however sovereignty over our stock market remains firmly in the hands of Uncle Sam.
In fact, in these days of economics sans frontieres the United States economy and its markets make the whole world go round.
Japan, in its seventh year of recession, is praying to the gods of economic recovery to bless them as the government seeds the economy with billions of dollars of stimulus. The European economies are slowing while war rages in their backyard and the euro is becoming a sad excuse for a currency in this climate.
So, for the moment, all roads still lead to the US.
The latest demonstration of how firmly we are held in the US sphere of economic influence is Hong Kong's recent hi-tech rally which finally ignited after a few weeks on slow burn.
The irony is that this city is not a hi-tech centre - with or without a Cyberport - and has no real hi-tech plays to speak of.
