Pulse

ASX 200 8709 (+0.3%) — quiet pre-session, miners leading.

BHP 60.82 +0.3% | RIO 166.93 +1.6% | FMG 16.44 +1.0%

WES 76.61 +3.0% | WOW 39.20 +0.8% | STO 8.62 +1.5%

Uranium cold: PDN 9.49 flat, DYL 1.17 −5.3%, BOE 1.46 −11.5% — BOE broke lower on no headline, watch for follow-through.

Meituan 71.70 +1.8%, BABA 106.60 +0.4%, Meituan-led strength.

Tencent 431.00 −0.2%, Xiaomi 25.24 +0.2%.

QQQ 739.77 +0.3%, SPY 762.63 −0.2% — mega-cap tech still carrying.

NVDA 228.38 +0.5%, TSLA 354.81 +0.6%.

GLD 380.84 −0.5%, TLT 77.78 −0.6% — gold and bonds both off, mild risk-on.

Aussie miners bid with iron ore steady; consumer staples outperforming (WES +3%).

US close mixed: breadth narrow, tech vs rest. No major macro last night.

Mild risk-on but narrow — index reads fine while uranium names bleed. PDN holding flat is constructive relative to DYL/BOE; position intact until TP or stop triggers. Watch BOE for stabilization before adding anything new. Iron ore strength keeps the big miners' trend intact.