| Question marks hang over Hong Kong's capital outflows, Duterte brings up past quarrels with China, and Apple finally sets its eyes on India. Here are some of the things people in markets are talking about today. Hong Kong Investors Ponder Next Step Hong Kong's summer of unrest has increased the stakes for investors there by pushing economy toward a recession, and doubt is circling about the city's future as a finance hub. With one of the world's most open economies, Hong Kong has bank assets equal to about 8.5 times of its GDP and offshore traders account for about 40% of volume on the city's stock market, so the withdrawal of deposits and investors would hit hard. So far, trends are showing slight changes across the various metrics. Take a look at those here. Duterte to Talk China Sea Spat Philippine President Rodrigo Duterte will meet Xi Jinping on Thursday, and the "first thing" he says he'll bring before the Chinese leader is the 2016 international ruling that invalidated some of Beijing's claims in the South China Sea. Duterte had set aside the Philippines' 2016 tribunal win against China previously to warm ties between the two countries — and tap Chinese funding — but now oil exploration of the disputed areas is on the Philippine leader's agenda. But if Duterte decides to play his ace card, he may be shooting himself in the foot by validating China's sea claim in the first place, says one researcher. Muted Markets Asian stocks look set for a muted open as the world waits on new developments in the increasingly unpredictable Sino-American trade war. U.S. stocks closed near session highs Wednesday amid light trading. Futures nudged higher in Tokyo and Hong Kong, and dipped in Sydney. The S&P 500 Index climbed on below average volume as a rally in oil pushed energy shares higher, and while the dollar strengthened to a nine-month high, Asian currencies were little changed after Treasury Secretary Steven Mnuchin said the U.S. doesn't intend to intervene on the dollar for now. Meanwhile, the bond rally continues unabated, with the yield on 30-year U.S. Treasuries sinking to a record low of 1.90%. A bigger-than-expected drop in American crude inventories sparked oil gains, strengthened by Iran when they all but ruled out a U.S. meeting. Apple Sets Its Eyes on India Apple has an insignificant share of the India's booming smartphone market, thanks to its high prices and hefty import tariffs — but that could all change now. After India eased rules on Wednesday that forced companies to source 30% of their production locally, Apple is poised to start online sales of its devices within month's in the world's fastest-growing smartphone market, a person familiar with the matter said. With escalating trade tensions damaging ties between the U.S. and China, New Delhi's latest investment rules could provide a boost to Apple, allowing it to grow sales in the country and possibly help it reduce its high dependency on China by building out an alternative supply chain in India. U.K. Parliament Suspended The chances of British Prime Minister Boris Johnson coming good on his ambitious promise to fast-track Brexit just started looking much better. In another dramatic turn of events, the Queen granted the new Prime Minister permission to suspend Parliament on September 12th, effectively giving Johnson invaluable time to return with a new legislative program a month later. That's set the clock running for his opponents to thwart him — they only have two weeks to craft a law to stop Britain leaving the EU on Oct. 31 without a deal. The question now: Can they do it in time? What We've Been Reading This is what's caught our eye over the weekend. And finally, here's what Tracy's interested in this morning It's always smart to consider whether U.S. or China can withstand the most economic pain from the trade war. This is especially relevant now because Chinese policymakers seem to believe that America's democratically elected politicians won't accept a prolonged conflict that hurts their constituents' household finances. (Those voters might toss their trade-war-mongering representatives out of office, the thinking goes.) So what is the answer looking like these days?  One hint: China imposed tariffs on U.S. crude oil for the first time. While the country doesn't import a huge amount of American oil, it's an important move for a couple reasons. As analysts at Bank of America Merrill Lynch put it, it basically amounts to an act of economic self-harm on multiple fronts. "The tariff will hurt domestic Chinese refining margins, reduce the competitiveness of Chinese petroleum product exporters, and disadvantage the Chinese energy industry ahead of the 2020 IMO high sulfur bunker fuel phase-out deadline," they wrote. "The latest round of tariffs suggests that China's pain threshold is higher and its time horizon longer than the market has assumed so far." In other words, China is not just willing to endure economic pain inflicted by the U.S., it's also willing to punish itself to achieve its trade goals. You can follow Bloomberg's Tracy Alloway at @tracyalloway. The best in-depth reporting from Asia Pacific and beyond, delivered to your inbox every Friday. Sign up here for The Reading List, a new weekly email coming soon. Before it's here, it's on the Bloomberg Terminal. 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