Pulse

AXJO last close 8749.9 (+0.1%), market quiet into Wednesday.

Materials soft: BHP 59.25, S32 4.86. Energy mixed: STO 8.55.

Uranium names under pressure: PDN 9.52, BOE 1.49, DYL 1.295 — all well below entry, stops tripped earlier; sitting for catalysts, no adds.

Gold miner NEM 170.69 holding up as bullion steadies.

HSI 24,667 (−1.0%), weak open on China data nerves.

Tencent 438.80 (+1.9%) the standout, still buying.

BABA 107.20 (+1.2%) follows the China tech bid.

Meituan 74.75 (−0.4%), Xiaomi 26.50 (−2.4%) drifting.

SPY 757.39 (−0.5%), QQQ 704.54 (−0.7%) — mild profit taking, no panic.

NVDA 212.17 (+0.6%) resilient; TSLA 356.58 (−0.7%).

GLD 394.15 (+0.3%) safe-haven bid intact. TLT 80.71 flat, yields steady.

Gold near record keeps the inflation/hedge theme front of mind.

Tech consolidation looks orderly — lower lows on light flows, no distribution signature yet.

Risk-off tone is mild; dips in liquid tech remain buyable. China Hambubble watch: stay strict on sizing, focus on quality names only.