CL Hong Kong has overtaken Switzerland as the world's top wealth hub, a distinction that lands differently when rents are simultaneously smashing records and home prices have reached a 30-month high. The wealth flowing through this city and the cost of living here have always moved in the same direction. Seeing them ranked and recorded in the same news cycle makes the arithmetic unusually clear.-- CL

MB Three military escalations, one electronic warfare incident, and a missile doctrine announcement land in the same news cycle. That is either coincidence or a sign that deterrence as a shared operating framework has stopped working. The more useful question is not whether Iran retaliates again but who, if anyone, is still reading the other side's signals correctly.-- MB