CL Home prices in Hong Kong have reached a 30-month high, and the number lands differently depending on which side of ownership you are on. For those already holding, it is paper relief; for the families still watching from the outside, it is the same calculation arriving at the same place. The gap between those two readings is the city.-- CL

MB Three wars, a ceasefire waiting on one man's signature, and a drone landing in a NATO country without triggering Article 5: what the day actually shows is that the rules-based order has become a set of suggestions that serious states treat as optional when the cost of compliance rises. Hong Kong, meanwhile, opens a new international commercial court, which is either confidence or irony, depending on how closely you have been following the decade.-- MB