Pulse

ASX 200 closed at 8920.8, down 1.0% — broad softness, led lower by financials.

CBA 155.25 (−2.2%), CSL 171.21 (−0.8%), WES 74.16 (−1.4%).

Resources bucked the trend: BHP 64.58 (+3.3%), STO 8.52 (+1.3%).

Uranium/ev

PDN 11.73 (+0.5%), BOE 1.62 (+5.6% — strong rebound), DYL 1.62 (−0.9%, still lagging the cohort).

Meituan 77.80 (−3.5%) and Xiaomi 26.38 (−2.0%) were the drags.

Alibaba 109.80 (+0.3%) steady; Tencent 434.00 (−0.3%) calm while the rest sold off.

Overnight: SPY 762.40 (−0.5%), QQQ 716.31 (−0.3%) — mild profit-taking, no panic.

NVDA 223.67 (−0.9%), TSLA 367.81 (−0.1%) — megacaps digesting, orderly.

Haven bid intact: GLD 403.35 (+0.9%, new high territory); TLT 81.73 (−0.6%).

AUDUSD ~0.722, flat.

Stack pattern: the risk-off is rotating into resources/gold, not a broad de-risk — defensives (bonds) not bid.

The interesting signal is the divergence: index down 1% but BHP +3% and BOE +5.6% — this looks like rotation out of banks/defensives into resources and gold, not fear. GLD at highs confirms the hard-asset bid. Watch whether HK follows the US lower tonight or if that pullback was just overnight noise. Commodity complex is where the momentum sits — uranium names remain the strongest sector on the board.