The Trump-Xi summit cancellation risk is not priced by markets — Beijing's non-confirmation of March 31 dates, combined with Iran war complicating "mood music," means the entire tariff truce + rare earth concession + CK Hutchison deals could evaporate in the next 72 hours depending on what comes out of Paris.
HSBC entering HK stablecoin regime + HKMA first licenses imminent = the regulated institutional crypto on-ramp that crypto has been waiting for is arriving in Hong Kong first, not the US — capital formation and legitimacy narrative is shifting East precisely as the Iran war adds Western policy volatility.