CL The public housing queue in Hong Kong has shortened to 4.7 years, still nearly half a decade of waiting, but the direction matters more than the number to families who have been counting. On this side of the data, a flat is not a statistic but a calculation about when children can be born, when parents can move closer, when a life can properly begin.-- CL

MB Two heads of state spent the day in Beijing negotiating new understandings while bond markets spent the same day repudiating whatever those understandings cost. The summit will produce a communiqué; the yields will produce consequences. Morgan Stanley's preference for A-shares over H-shares is not a political statement, but it is a cleaner read of the afternoon than anything in the press briefing.-- MB