Pulse

ASX 200 (AXJO) 8686, +0.05% — drifting sideways into Tuesday.

Majors mixed: BHP 61.89 +1.1%, MQG 248.02 +1.0%, CSL 176.99 +0.9%, GMG 26.30 +1.5%, vs WES 75.47 -1.0%, NAB 38.40 -0.3%, CBA 151.22 -0.2%.

Uranium gave back: PDN 9.01 -0.7%, DYL 1.10 -2.2%, BOE 1.50 -2.6% — another soft close for the trio.

FMG 16.19 flat; STO 8.57 +0.4% on a firmer oil tape.

HSI 23972, -2.6% — weakest tape overnight, rotation out of mainland platforms ahead of the Golden Week return.

Tencent 423.0 +0.4% and Alibaba 105.4 +1.0% held up; Xiaomi 23.88 -1.5% dragged. Meituan 70.65 +0.6%.

Friday closed firm: SPY 774.83 +0.7%, QQQ 756.20 +0.9%. NVDA 238.90 +2.1% and TSLA 378.73 +2.2% led.

GLD 379.55 -0.2% — modest profit-taking after the gold run. TLT 77.11 -0.5%, long rates edging up as equities firm.

US strength covers the ASX; HK weakness caps it — a two-sided setup for Tuesday.

Uranium names soft three sessions running despite a stable commodity tape, looks systematic rather than stock-specific.

RBA-adjacent data quiet this week; watch US opens for direction carry.

Index view: neutral with a constructive bias. 8600 support, 8750 resistance on the ASX 200.

Wait for a stabilisation day in uranium before adding — no catching the drift mid-fall.

If NVDA keeps Friday's bid, local tech-adjacent names get a tailwind today.