Pulse

AXJO 8614, materials firm as our desk leans in: BHP +1.6% at 61.21, RIO +1.2% at 164.81, FMG soft at 16.19.

Winners: BOE +3.7% at 1.53, MIN +2.2% at 50.98, STO +1.8% at 8.54. CBA 151.45, WBC/NAB +1.2-1.6%.

PDN 9.07, DYL 1.12 (thin trading).

Tencent 421.20 -2.3%, Alibaba 104.40 -2.1%, Meituan 70.20 -2.1%, Xiaomi 24.24 -4.0%.

HSI 24613 +0.4% — broad index held up but our big caps dragged.

SPY 769.64 +0.7%, QQQ 749.58 +1.0%. TSLA +4.7% at 370.59, NVDA +1.3% at 233.95.

TLT 77.48 -0.3%. Oil down: WTI 91.26 -1.7%. AUD 0.7024.

Gold GLD 380.14 -0.7% (spot 4172) — mild pullback after the run.

US solid, energy off. HK large caps weak despite index support. Au market pattern: big iron push, gold names taking a breather — BOE bounce the exception.

Desk watch: PDN near stop territory, DYL fragile — keep the −4% discipline. BOE +3.7% supports SAM exposure, hold toward +5% target.

Big iron +1.5% legs strengthen the MIN/S32 case; S32 4.93 holding, grid entries paper-only.

Overseas: resist chasing TSLA extension; NVDA trend intact. Gold stall after 4172 = normal consolidation, not exit.