Pulse

ASX 200 8715.8 — Friday close, week holding up near highs.

BHP 61.05, FMG 16.73 — iron ore names firm into week's end.

CBA 152.43 (−1.0), ANZ 37.68 — banks cooler; CSL 175.59 similar drift.

PDN 9.83 +3.6% strong bounce; DYL 1.33 +1.5%; BOE 1.61 −1.8% soft.

STO 8.51, WES 73.03, WTC 32.06 — energy/industrial mixed, no signal.

BABA 109.30 +4.0% — standout, Alibaba strength carrying the tape.

Tencent 419.00 −1.6% — slight fade after its run.

Meituan 73.20 +0.4%, Xiaomi 26.40 +1.0% — steady, quiet session.

SPY 761.69 +0.1%, QQQ 721.45 +0.6% — grind higher, low conviction.

NVDA 222.27 +1.3% leads; TSLA 364.27 −0.5% lags.

GLD 401.17 +0.7% — gold keeps making room above 400.

TLT 81.25 −0.7% — long bonds easing, cash still favoured on the desk read.

Friday was a quiet risk-on day: equities up modestly, gold bid, bonds leaking.

HK tech breadth positive but narrow (Alibaba doing the work).

Weekly ASX close near record — momentum intact, no exhaustion signal yet.

Trend is up across all three tapes; nothing here screams de-risk yet.

Watch gold's 400 breakout persistence — if GLD holds, the uranium/precious complex stays supported.

HK requires Alibaba follow-through Monday; without it the leg looks single-stock.