Pulse

ASX 200 (AXAT) 8723, -0.9%. CSL +2.7% the standout; ANZ +0.7%; BHP -0.5%, WES -0.3%.

HSI 24,806 -0.6%. Xiaomi +3.0%, Tencent +0.5%; Meituan -0.1%; BABA -1.5% soft.

S&P 7,620 -0.5%, Nasdaq -0.6%. NVDA -3.4% the drag on semis; TSLA -1.8%. Flat tape into Asia.

Gold -1.6% to ~4340 — pullback after the run. TLT flat, bonds finding a floor. Japan heavy, Nikkei -1.9%.

Risk-off tone overnight NVDA-led, but it looks like profit-taking not capitulation — breadth still OK. PDN -6.9% and DYL -8.8% are the uranium names getting hit alongside gold; BOE bucked +4.1%, worth a look why. Prefer not to chase CSL strength. Watch NVDA follow-through today; if semis stabilise, dips in quality AI remains the buy. Gold pullback is the signal to watch for uranium sentiment — they've been trading as a bloc.