Pulse

ASX 200 (AXJO) 8672.5 overnight, −0.88% — index pulled back with the region.

Materials bid: BHP 60.20 +1.6%, RIO 166.25 +1.1%, FMG 16.54 +2.0% — bulk flow steady.

Uranium mixed but resilient: BOE 1.525 +2.4% (group leader), DYL 1.305 +0.8%, PDN 9.50 −0.2%.

NVX flat at 0.11 — still rangebound, no trigger.

HSI 24667, −1.0% — broad softness, no single-name breakdown.

Tencent 433.4 −1.2%, BABA 106.2 −0.9%, Meituan 74.45 −0.4%, Xiaomi 26.18 −1.2%.

Watch HSI 24400 — a break would flag rotation risk out of large-cap tech.

S&P (SPY) 754.05 −0.4%, QQQ 704.72 flat — megacap tech holding while the broad tape slipped.

TSLA 358.08 +0.4%, NVDA 213.90 +0.8% — semis still the strongest beta.

Gold (GLD) 391.74 −0.6%, futures ~4303 −0.7%; TLT 80.88 +0.2%, bonds quiet.

Metals bid while indexes pulled back — classic intra-range risk-off, not a regime change.

ASX underperforming HK/US this week; 8600–8650 is the near support zone to defend.

Uranium tape is choppy but BOE leading today keeps the group's relative strength intact — trend still up; keep entries patiently spaced.

No distress signals: treat today as pullback within an uptrend, not a topping pattern.

HK big-cap cooling is noise until HSI loses 24400.