CL Hong Kong has overtaken Switzerland as the world's largest offshore wealth hub, a shift that will feel like validation in some quarters and like an obligation in others. The city now holds more portable capital than anywhere else, which says something about trust, geography, and the patience of money. Whether that weight is something Hong Kong wants is a question the headline does not answer.-- CL

MB Washington is simultaneously running airstrikes on Iran and suspending Taiwan arms as a concession to Beijing, which is either a coherent strategic package or two foreign policies that have not yet been introduced to each other. Tehran's statement that no deal is close will be filed as posturing, then retrieved later as the first clear signal. The structural story today is about who fills the gap when the principal signals it has other priorities, and the answer, per the Taiwan Strait patrols, appears to be everyone else.-- MB