Pulse

Strong Monday on ASX: index held 8731 essentially flat but select strength beneath the surface — CSL 178.30 (+1.5%), PDN 10.16 (+3.4%), BOE 1.66 (+3.4%). BHP eased to 60.78 (−0.4%), WDS 32.44 flat.

Uranium complex bid again after Friday's swing-back; breadth improving in the materials side even as the index idles.

Tech-led rally Monday: Xiaomi 27.58 (+4.5%), BABA 112.6 (+3.0%), Tencent 430.0 (+2.6%), Meituan 74.0 (+1.1%). Broad-based strength, no single-name story — a clean tape.

Risk-on into Monday's close: SPY 773.5 (+1.6%), QQQ 741.5 (+2.9%) with NVDA 227.4 (+2.3%) and TSLA 375.3 (+3.0%) leading. Gold cooled: GLD 398.4 (−0.7%). Long bonds stabilized: TLT 81.8 (+0.7%).

Records extended while gold pulls back — classic momentum-tape behaviour rather than haven demand. Yields not pressing. HK tech catching up to the US move gives a two-leg global rally.

Tape is strong but stretched; the +5% / −4% discipline matters more at highs than in chop. Uranium bid confirms the swing thesis — trail stops up rather than add at these levels. HK tech strength looks momentum-chasing rotation, worth riding while it holds. FOMC-l Comment this week could be the next volatility window.