CL Xiaohongshu is heading to Hong Kong at a $70 billion valuation, up from $50 billion in recent private trades. The platform has become a daily habit for a generation that uses it as part search engine, part diary. That a company so woven into mainland cultural life is choosing Hong Kong for its listing says something about where this city still holds weight.-- CL

MB The Iran deal, the Taiwan Himars strike, Trump's frustration with an ally conducting its own operations, and a Senate that cannot muster the will to reassert war powers: what Thursday offers is a picture of American foreign policy as a series of bilateral transactions conducted by one person, with the institutional architecture either decorative or actively in the way. The G7 meeting in France, by all accounts civil, completes the tableau.-- MB