I'd like to discuss which and how world stock exchanges influence the other exchanges. I believe the index futures are what propels the stock prices direction largely. I live in Australia, so I'll relate some of the time zones according to the first market to open in the world and cascade times from there. The first market to open in the world is NewZealand, however in terms of Futures exchanges, NZ doesn't seem to rate or have a Stock Index Futures. Australia follows 2 hours later with the Sydney futures Exchange - SFE - and the stock futures contract is known as the 'SPI'. Then Asian markets opens 4 hours after NZ with Japan, China, South Korea etc.NIKKEI 225, HANG SENG, KOSPI, about an hour or so later. Then Europe opens approx. 12 hours after NZ. The main exchanges appears to be FTSE, DAX, Then America, DJIA, S&P, Nasdaq. The SPI (Sydney exchange) opens about 1 hour after the USA market closes. For example SPI will open on Tuesday morning with USA closed 1 hour previously on Monday afternoon USA time. There is 15 hour time difference approx. Eg, at the moment it is is 6am in Sydney on Sunday, but 4PM Saturday in NewYork. Anyhow back to the subject under discussion, I have noticed the SPI is very heavily influenced by the USA markets. Our stock market in Australia often takes direction from USA even though we are 15 hours ahead in time. The KOSPI I have noticed basically shadows the SPI, both of these indexes look identical for much of the time. At times though I have noticed the SPI will break away into another direction and leads the way, USA will follow our direction. Not sure if this is a coincidence. Would anyone else like to throw in their observations?