CL Hong Kong's economy posted its strongest growth in five years, and HKEX reported record profits on the back of a busy listings quarter. The Hang Seng closed the week lower, a reminder that the exchange's fortunes and the broader market's mood do not always move in step. For those watching from Wan Chai or Kwun Tong, the question is always when the headline growth reaches the street.-- CL

MB The United States pulls five thousand troops from a seventy-year alliance in Germany in the same week it finds itself trapped in a costly war with Iran, condemns Chinese threats against Taiwan, and deploys F-22s to the South China Sea. Retrenchment has been the declared direction. The actual footprint is not shrinking.-- MB