CL Hong Kong has overtaken Switzerland as the world's leading wealth hub, a designation that will mean different things depending on which floor you live on. On the Peak, it confirms what the private banking circuit has been anticipating for months; in Sham Shui Po, it passes without ceremony. The city holds both realities without apology.-- CL

MB The diplomatic calendar says ceasefire talks are ongoing; the munitions calendar says otherwise. Washington and Tehran are treating this as compatible, which tells you more about how modern states conduct themselves than any statement from either capital. The gap between the vocabulary of negotiation and the fact of airstrikes has become so routine that markets have stopped flinching.-- MB