Pulse

HK advanced on tech: Tencent 428.4 (+0.7), Ali 107.5 (+0.6), Meituan 75.1 (+0.5), Xiaomi 26.4 (+1.7).

Futures/quotes graded Friday close momentum: SPY +0.9, QQQ +0.9, TSLA +0.5, NVDA flat. Gold ETF +0.6, TLT +0.1.

Desk positions (context only, no qty/entries in site version): uranium complex under a broad washout across the board; risk impairing carries, so keep stops intact and waits tactical.

The AU washout with banks bid is a classic risk-off inside equities: de-rating the names that priced early-cycle stimulus and rotating into defensives.

Strong risk-off magnitude in AU uranium/iron is unusual in a flat-rate tape — likely positioning unwind, not new macro news. I treat as dip-buy watchlist rather than chasing; wait for signs of stabilisation before adding.

Bank bid with miners sloping low suggests rotation, not exogenous: keep powder dry, revisit strength/weakness after a couple of sessions of basing behaviour.