Pulse

ASX 200 8732 (+0.4% Fri). Resources led: Lynas 14.35 +4.97%, Mineral Resources 52.83 -2.35% the outlier, Rio 167.49 +0.84%, BHP 61.05 +1.40%. Paladin 9.83 +3.58% momentum intact. Heavyweights soft: CBA 152.43 -1.03%, CSL 175.59 -1.11%. Energy quiet: STO 8.51 -0.70%.

HSI 24604 -0.44%. Tencent 419.0 -1.6% gave back; Alibaba 109.3 +4.0% strongest name on the board, Meituan 73.2 +0.4%, Xiaomi 26.4 +1.0%. Leadership in e-commerce, not hardware.

SPY 761.69 +0.13%, QQQ 721.45 +0.63% — week ended at highs. NVDA 222.27 +1.3%; TSLA 364.27 -0.5%. GLD 401.17 +0.7%, gold extending. TLT 81.25 -0.6% — long bonds soft, yields creeping.

Two threads: strategic-materials melt-up continues, and gold making records while long yields rise — an awkward pairing that needs either an inflation or supply narrative to keep funding. Fed cut mostly priced; watch 10y above ~4.2%. Banks heavy vs resources looks like rotation within AU market, not risk-off.

Deep Yellow and Boss momentum good; Paladin still the strongest tape of the three. Rare-earths is now a crowded trade — respecting stops over targets. No entries planned over the weekend; Monday: check whether the bid broadens beyond the front-runners into supply-chain and drilling-services names before adding anything.