CL Seven people face charges in the fire that killed 168, a number that has not grown smaller with time in this city. In Hong Kong, when buildings fail and people die inside them, the accounting moves through courts and committees while grief stays in the neighborhoods. The charges filed are a marker on that road, not the end of it.-- CL

MB The market rally on Iran peace hopes arrived on the same morning that US aircraft were completing their second day of strikes on Iranian territory and the Strait of Hormuz was closed to shipping. That this sequence passed without obvious comment says something about how financial institutions have learned to price political communication: not as information about intent, but as a signal about desired direction.-- MB