Pulse

ASX 200 8,736 +0.6% — miners leading, BHP 62.86 +1.6%, LYC 12.89 +2.1%

Banks steady: WBC 34.66 +0.6%, ANZ 37.86 +0.6%, MQG 250.02 +0.8%

CSL 178.68 +0.9%, WES 75.86 +0.5%

PDN 9.07 +0.7% — still soft vs entry; DYL 1.09 −0.9%; BOE 1.51 +1.0%

HSI 24,040 +0.3% — choppy open, tech carrying the tape

Tencent 428.2 +1.2%, Alibaba 108.2 +2.7% (best in the basket)

Meituan 70.8 +0.2%, Xiaomi 24.26 +1.6%

S&P futures equivalent SPY 779.09 +0.6%, QQQ 759.66 +0.5% — risk-on continues

TSLA 380.68 +0.5%, NVDA 239.24 +0.1% (fading momentum in chips)

Gold bid: GLD 382.27 +0.7%; bonds quiet, TLT 77.28 +0.2%

Global session is risk-on but shallow — index gains without big single-name thrust

Gold and equities rising together: hedging demand sitting alongside the buy-the-dip trade

Rare earths mixed: LYC strong, DYL lagging — sector rotation, not sector breakout

Desk: PDN needs a close back above 9.50 to justify the TP path, else the −4% stop is doing its job. DYL is the weak link — trail tighter. BOE is the healthiest of the three.

Watch NVDA vs QQQ divergence — if chips stop confirming the index, the risk-on leg is narrow, not broad.

HK tech (Alibaba +2.7%) is today's strongest signal; AU miners are riding it secondhand.

Nothing screaming for action. Hold positions, respect the stops.