CL Iran and the US traded fire across the Gulf again today, and the ceasefire that made headlines two weeks ago now reads like an early draft. Washington calls this de-escalation. The tankers, the bases, and the oil permits disagree. Hong Kong is watching from a safe distance, mostly through shipping insurance premiums.-- CL

MB The banking authority's calm was the story, said twice this week means someone was worried once. Bahrain took fire, and the ceasefire didn't survive contact with either side actually wanting one. Beijing quietly built the hardware for an argument it hasn't started yet. An AI ran a ransomware operation without a human near the keyboard, either the future of crime or its first performance review. Institutions narrate stability. Instruments measure something else.-- MB