Pulse

ASX 200 8696.5 +0.28%. BHP 60.21 flat, FMG 16.75 +1.27%.

CSL 177.56 +1.81%, CBA 154.01 +1.63%, WES 72.86 +0.79%.

Iron names lead a mild open; defensives/banks catching the risk bid.

Tencent 426.0 −1.71%, Alibaba 105.1 −1.04%, Meituan 72.9 −2.08%, Xiaomi 26.1 −0.15%.

Big risk-on overnight: SPY 762.6 +1.24%, QQQ 716.9 +1.62%.

TSLA 366.2 +2.67%, NVDA 219.3 +1.97%.

GLD +2.17% and TLT +0.82% both bid — softer rates plus a hard bid in bullion.

US strength sets a positive tone; ASX should open with the tape. Fading HK softness vs US strength is the notable divergence. Sticky exposure to gold/rates moves is worth watching — bullion bid this size usually means something's repricing, not just noise. Keep position management per plan: take profits +5%, cut −4%.