CL The Sheraton on Nathan Road checked its last guests out sometime last quarter. HSBC seized the property after HK$6 billion in asking price found no takers, and that sentence has been traveling, arriving in boardrooms in Singapore and London as a data point about what commercial real estate here actually clears for now. The lobby chandeliers are presumably still on., CL-- CL

MB The week arrived with the structure that sends analysts to their charts: a British premier resigns while Congress debates an eighty-billion-dollar war budget, the Strait of Hormuz closes again as tech equities unwind, and HSBC seizes Sheraton hotels in a city where banks are already forcing commercial property sales at prices nobody will meet. The institutions are not panicking. They are adjusting their books.-- MB