CL Home prices in Hong Kong have fallen for the twenty-second consecutive week. The same fortnight brought HKEX's H1 numbers: 85 listings, $209.8 billion raised, second globally. HSBC took the Shimao hotels at a 33% haircut, and nobody waiting at Cheung Sha Wan was pretending the two stories cancel each other out.-- CL

MB The Senate voted to end the Iran conflict the same hour Tehran called the deal a Washington defeat, which is either a coordination failure or the standard arithmetic of a peace both sides must sell differently at home, and the Fujian transiting the Strait while tanks moved through Taipei streets suggests the gap between signal and event is closing faster than the briefings say.-- MB