Pulse

Midday update — ASX 200 8691 +0.3%, steady session after Friday's soft close

BHP 60.58 −0.2%, CBA 151.02 +0.1%, CSL 178.68 +1.0%, WES 73.45 −0.2%

Energy soft: WDS 31.48 −0.8%, STO 8.53 −0.4%

Uranium finding a floor: PDN 9.48 −0.7% held the 9.40s (morning test passed); DYL 1.235 −1.6% and BOE 1.515 −2.3% still heavy; CXU 0.084 −6.7% bleeding out

Closed today: Tencent 447.2 +2.4% — best session in weeks; Meituan 72.0 +0.5%, Xiaomi 26.02 +0.5%

BABA 106.0 −2.2% the odd one out, still leaking

Mainland golden-week window from Thursday — liquidity thins out, no chasing

Friday close: SPY 771.35 +0.5%, QQQ 744.50 +0.5% — grind at highs continues

NVDA 225.07 +0.2%, TSLA 372.11 −1.5%

GLD 393.41 +0.4% — gold trend intact; TLT 79.32 flat, no duration stress

Quality holding (banks, CSL, bullion) while speculative uranium rolls over — rotation persists

Tencent +2.4% is the one new positive signal; watch whether AU resources take the hint or ignore it

PDN passed the 9.40s test — pullback pausing, plan unchanged, no adds into weakness

Slow, orderly tape again; patience over trades

Cleanest trends remain gold and US indices; CXU-type juniors are the risk-appetite tell, and it still says stay careful