CL Hong Kong's GDP has reached a near five-year high, with home sales hitting a two-year peak in the same week. On the ground, that sequence feels familiar: numbers move, sentiment shifts, and property comes back into conversation at dinner tables across Tuen Mun and Sham Shui Po. Whether confidence holds longer than the headlines is a question the figures leave open.-- CL

MB Three naval theaters are active simultaneously this morning: Hormuz, the Taiwan Strait, and the South China Sea. Whether that reflects coordination between Beijing and Tehran or simply opportunism is the question worth asking, and the one least likely to appear in official statements. Hong Kong's home sales are at a two-year high and an IPO just returned 204% on debut, which is either resilience or selective attention.-- MB