CL First-quarter GDP came in at 5.9% on Friday, a figure the administration received well, and the IMF offered prompt endorsement alongside a note about war risks ahead. By the closing bell the Hang Seng had lost 426 points, with Alibaba, Meituan, and Xiaomi each falling more than three percent. Hong Kong has always kept two ledgers; they rarely agree on the same afternoon.-- CL

MB Washington told Taiwan not to declare independence this week, which is the verbal equivalent of repeating a question back louder. Trump will not promise to defend the island; Beijing promises war if it tries. What all three governments share is a preference for managed ambiguity over any resolution, which is how institutions avoid hard choices while calling it strategy.-- MB