Rise and Shine: Everything you need to know before the ASX opens

Good morning everyone and welcome to Rise and Shine on Friday, May 9, 2025.

Here’s what you should know before the ASX opens today:

Stocks

The ASX is strapped in for a solid session on Friday, with the ASX200 futures pointing higher by 0.3% at 7am AEST.

This mirrors Wall Street’s burst of optimism overnight after Donald Trump penned a trade deal with the UK.

Trump called it “historic”, the first step in what he’s calling a global shake-up.

And he wasn’t shy about telling investors to start snapping up shares.

“This country will hit a point that you better go out and buy stock,” he declared.

And Wall Street listened. The S&P 500 climbed 0.6%, the Nasdaq 1%, and the Dow added 0.6%. Even the Small Cap Russell 2000 joined the party, up 1.8%.

“Tariffs are steering the boat again,” said Louis Navellier at Navellier & Associates.

The President also hinted that if China plays nice in upcoming trade talks, tariffs could start to melt away.

Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are off to Switzerland to sit down with Chinese Vice Premier He Lifeng.

If the talks go well, Trump might even shave back that monstrous 145% tariff on Chinese goods. Icebreaker or breakthrough?

Time will tell.

Bitcoin

Bitcoin had a party of its own, smashing through the US$100,000 mark for the first time since February.

It went all the way to US$102k at the time of writing, and the bounce was enough to remind everyone that crypto’s still got some legs.

Ethereum also got in on the action, soaring by as much as 21%.

Oil

Oil prices caught the same wave of optimism, up 3% as hopes rise for progress in US-China talks.

WTI surged 4% to US$60.29, while Brent settled up 3% at $63.22.

OPEC’s also nudging its output up, but for now, the market’s got its eyes on the trade diplomats.

Oil stocks will be ones to watch today.

Gold

Gold prices, however, slipped below US$3,310 as traders embraced a bit of risk on the back of Trump’s UK trade deal.

It’s the second straight day of declines, and the US Dollar flexing its muscles isn’t helping.

Optimism is nice for stocks, but it’s poison for safe havens like gold.

Finally…

ASX-listed Macquarie Group (ASX:MQG) is set to report its full-year earnings today, and the market’s watching closely.

As one of Australia’s major banks, its results often set the tone for the broader sector. A strong showing could lift the whole banking scene, while any signs of trouble might spill over to its rivals.

Meanwhile, there’s no economic data scheduled for release in Australia today, leaving the market to chew over global headlines.

COMMODITY/FOREX/CRYPTO MARKET PRICES

• Gold: US$3,305.62/oz (-2%)
• Silver: US$32.45/oz (-0.01%)
• Iron Ore: US$96.35/t (-1.97%)
• Nickel (3mth): US$ 15,595/t (-0.22%)
• Copper (3mth): US$9,419.5/t (-1.242%)
• Zinc: US$2,628/t (+0.4%)
• Lithium carbonate (99.5% Min China Spot): US$
• Oil (WTI): US$60.29 (+3.83%)
• Oil (Brent): US$63.22 (+3%)
• AUD/USD: 0.6405 (-0.38%)
• Bitcoin: US$102,698 (+7%)

WHAT GOT YOU TALKING

With prices beyond $5000/oz, gold developers are back in vogue. Here’s a rundown from @kristiebatten of the advanced WA gold names who could the next wave of mine builds. https://t.co/gCAwweQiRM

— Stockhead (@StockheadAU) May 8, 2025

Also in the news…

• Tune into renowned business writer Tim Boreham, breaking down biotech news in the latest Health Check.
• Dengue fever is a growing threat, with half the world’s population now at risk in infection zones, but small molecule treatments could be an effective answer.

Trading Halts

Waratah Minerals (ASX:WTM) – cap raise
Vertex Minerals (ASX:VTX) – cap raise
Andromeda Metals (ASX:ADN) – cap raise
TZ Limited (ASX:TZL) – pending an announcement regarding a material customer contract (stated purpose)
Peak Minerals (ASX:PUA) – pending an announcement regarding exploration results from the Minta rutile project
Australian Bond Exchange (ASX:ABE) – pending an announcement regarding boardroom personnel changes

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.