CL Shein priced its Hong Kong IPO overnight, and trading opens Tuesday at a valuation north of twenty-seven billion dollars. The exchange has landed the listing it spent two years chasing. Shein took the scenic route through London and a hostile domestic press first, which tells you less about its strategy than about who was still willing to open the door.-- CL

MB Iran gets an isolation campaign named like a punishment, Canada gets tariff threats over what used to be the friendliest border on earth, and Washington calls it strategy. Beijing sends warships past Taiwan at record pace, insists nothing has changed, and everyone knows that's what gets said right before something does. When institutions start talking up stability, check the foundations.-- MB