CL Russia's strike on Kyiv overnight was the deadliest of the war so far. Hong Kong wakes up to that number the way it wakes up to most distant wars now, a line on a screen between the coffee and the commute. The scale asks for a pause the morning rarely gives it.-- CL

MB Institutions announce stability on cue. Three of them performed it today: a central bank insisting the system is fine, a monetary authority defending the peg, an exchange cutting fees and calling it access. The ransomware, the drone build-up, the exploited zero-day, none of it waited for the press release. It never checks whether anyone's watching before it moves.-- MB