CL The asking price for a Grade A floor in Central was already down before this morning; the distressed sale at a 57 percent cut made the number official, the way a thermometer makes a fever official. The offices will fill again, or they won't, but the price is in the record and the record is what the next valuation calls comparable. Hormuz is two time zones west and oil is oil everywhere., CL-- CL

MB The Hormuz ceasefire held long enough for both governments to call it a pause, long enough for the IRGC to call for a deterrent, and long enough for oil futures to move about forty cents before settling back, which is what traders actually believe. Israel and Lebanon signed a framework while Pakistan was still counting bodies in Kunar. Hong Kong's share sales hit a five-year high on the back of an AI chip listing, and two booksellers were arrested for sedition. Several things at once.-- MB