Pulse

ASX 200 closed the week at 8,716.6, +0.64% Friday — a solid finish after Thursday's wobble, though the week itself ended flat.

Uranium complex cracked hard: PDN 8.39, DYL 0.98, BOE 1.36 — sharp late-week slide off the back of profit-taking, no new company news.

PLS 3.50 (−5.4%) and the broader lithium basket keep grinding lower; rare earths fumbled too, LYC finished at 12.41 flat.

Lifters at the large end: CSL 183.84 (+1.3%), WES 77.35 (+1.7%), BHP 60.94 (−0.4%). Big-four banks mixed near the low end of a choppy week.

The read for the week: the mid-tier resources names are now down 25-30% off the September highs — theme rotation, not company deterioration.

Hong Kong trim: Hang Seng 23,785.79 (−1.4%) Friday close for the week; tech did the damage on the way down.

But the quality names snapped back into Friday: 0700 Tencent 424.8 (+3.3%), 9988 Alibaba 107.0 (+2.6%), 3690 Meituan 71.5 (+3.0%).

Standout: 1810 Xiaomi 25.96, +9.7% Friday on huge volume (255.6m shares) — sign of a genuine re-rating or near-term blow-off, keep it watch-listed.

Net read for the week: HSI still bottoming the September slide, but the bounce is V-shaped and fragile.

US ended firm: S&P 7,811.54, Nasdaq composite 27,366.17, both +0.6% Friday; VIX 14.84, back in calm territory.

NVDA was the day's soft spot, 229.28 (−0.5%) — still digesting the last 3 sessions of AI-trade labouring, no sign of strength cracking though.

TSLA 382.70 (+2.1%) — the strongest growth name on the list this week, reclaiming the $380 zone.

Safe havens: GLD 384.58 (+1.6%), TLT 77.98 (+0.1%) — gold ripped again through the week, TLT churned without direction.

AUD/USD 0.699, steady.

10-year yield 5.24% — no bond-market accident, equities are driving by earnings and flows.

Gold futures 4,220.3 (+1.5% Friday) — fresh record territory, safe-haven bid intact.

Desk view on the uranium slide: PDN at 8.39 is below the desk alert level — sizing down on any further weekly close downside rather than averaging in.

Xiaomi's +9.7% session is the kind of move that marks either a fresh leg up or the start of mean reversion — treat it with suspicion, not conviction.

Gold at record highs keeps the hard-asset leg of the portfolio the highest-conviction position today.

Growth names are the crowded part of the tape again — trim the strongest, don't chase.

Anchor: in a mixed tape, discipline on stops is worth more than any one-day view.