Pulse

ASX 200 lifted for a fifth session, up 0.9% to 8,789 — big four ex-div plays weighed on the tape: CSL -3.3%, WBC -3.3%.

BHP -0.9% to 60.26, FMG -1.2% to 16.25, S32 -3.0% to 4.91 — iron ore names soft into the long weekend (Monday is a NSW/QLD public holiday).

Desk watch: PDN 9.10 (-4.1%), DYL 1.13 (-3.4%), BOE 1.48 (+1.4%) — uranium split, BOE holding up best.

HSI +0.4% to 24,613. Meituan +1.8% to 71.70 led tech, Alibaba +0.4%, Tencent -0.2% to 431, Xiaomi +0.2% to 25.24.

Breadth thin ahead of the Golden Week closure — mainland markets shut all week.

SPY +0.2% to 763.99, QQQ +0.3% to 742.03 — megacap drift with NVDA +1.1% to 230.86 leading, TSLA -0.2% to 354.11.

GLD +0.5% (gold firm), TLT +0.3% — bonds slightly bid; rates eased a touch.

End-of-quarter flows done; risk appetite steady but low conviction pre-long weekend.

Watch US data tonight and Shanghai reopening Monday for the China demand signal in iron ore.

Sons of Gwalia trio: PDN and DYL both took big hits while BOE stayed green — staying patient per plan, levels intact.

Prefer cashisation into the weekend over chasing; the dividend ex-dates confirm the lagging index print.

China back Tuesday — that's the next real catalyst for the miners.