CL Iran's ceasefire ended today the way most ceasefires do, on paper first. Washington confirmed it was over almost as fast as it had confirmed it started. Hong Kong traders had already moved on. HKEX quietly posted its best half in years, proof that capital, unlike diplomacy, does not need both sides to agree on anything.-- CL

MB Institutions spent the day explaining themselves. Washington called the Iran ceasefire over hours after it started enforcing one, NATO announced fifty billion in missiles as reassurance, and someone insisted the AI ransomware job still needed a human hand, the kind of detail people volunteer when they'd rather you not ask who signed off. Damascus got bombed anyway.-- MB