Before revision:  Our analysis shows that the bivariate information flow between world markets is strongly asymmetric with a distinct information surplus flowing from the Asia-Pacific region both to Europe and the U.S. markets. Important, yet less dramatic excess of information also flows from Europe to the U. S. This is particularly clearly seen from a careful analysis of Renyi information flow between  DAX and S&P500  .
After revision:  Our analysis shows that the bivariate information flow between world markets is strongly asymmetric with a distinct information surplus flowing from the Asia-Pacific region to both European and US markets. An important yet less dramatic excess of information also flows from Europe to the U. S. This is particularly clearly seen from a careful analysis of Renyi information flow between DAX and S&P500 .