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

Good morning everyone and welcome to Rise and Shine on Tuesday, June 3, 2025. Here’s what you should know before the ASX opens today…

The ASX is set to come out swinging on Tuesday, with futures pointing to a 0.8% jump when the market opens.

This came as Wall Street dusted itself off and climbed back into the green.

What happened on Wall Street?

The S&P 500 fought back from an early dip to close higher, while Treasury yields climbed and the US dollar fell to a 2023 low.

Fresh off the back of its strongest May in 35 years, the S&P edged up slightly in what’s historically a quiet month.

Nvidia has become the market’s spiritual leader at this point. Say what you want about AI hype, but when this stock moves, the rest of the pack follows. Last night, the chip giant’s gains carried names like AMD and Broadcom with it, and gave the Nasdaq enough juice to finish stronger.

Meanwhile, the US dollar kept sliding, making American multinationals look a bit more attractive. Coca-Cola, Apple, and Procter & Gamble all gained.

The greenback’s fall also meant the Aussie dollar surged by 1% to almost US65c.

Still, not everything was rosy. JPMorgan came out with a warning, saying the rally is starting to look top-heavy.

JP’s team flagged stagflation risks, stretched valuations, and a market that’s running more on FOMO than fundamentals.

Translation? The bounce might have legs, but they’re wobbly.

Trump-Xi waiting game

The US and China are trading barbs again, accusing each other of violating their fragile trade truce.

Trump says China “totally violated” the deal. Beijing says the US has been blocking chip sales and cancelling student visas.

Markets are waiting on a call between Trump and Xi Jinping, which could happen this week.

Apparently, other trade negotiations are on hold until these two pick up the phone.

So until Trump and Xi talk, markets could stay twitchy.

Gold is back in fashion

When geopolitics gets messy, gold usually gets shiny, and last night was no exception.

Spot gold surged almost 3% to a near one-month high, climbing above US$3,380 an ounce, as investors piled back into safe havens.

Between Trump’s tariff threats, Ukraine’s drone strikes, and China-US mudslinging, there’s plenty of reasons for markets to head for the bunker.

Throw in some Fed-speak this week and inflation concerns, and it’s no wonder the yellow metal caught a bid.

Silver wasn’t far behind, rallying over 5%, proving that even gold’s little sibling can shine when fear sets in.

The safe-haven trade is alive and well, and volatility is a goldbug’s best mate right now.

Oil prices caught fire

Oil prices also jumped nearly 4%, despite OPEC+ sticking to its production hike plans.

The reason? Take your pick:

Drone strikes in Russia, retaliatory attacks in Kyiv, or wildfires threatening Canadian oil output.

Or perhaps a push by US senators to sanction Russian oil ahead of the G-7 summit.

Even with more barrels supposedly coming online, the market is spooked by what might happen next, especially if Ukrainian strikes expand to Russian energy infrastructure.

And finally…

Locally, eyes are on the Fair Work Commission’s annual award wage decision at 10am AEST.

With inflation cooling, NAB reckons we’ll get a moderate rise of around 3.5%, enough to lift some pay packets but not enough to scare the RBA.

Speaking of the RBA, the minutes from the May meeting drop at 11:30am AEST, followed by a speech from Assistant Governor Sarah Hunter at 1pm.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Stricken drug developers Opthea and Patrys have reported in from biotech’s ‘death zone’, where they’re running low on oxygen.

Tungsten prices are on the rise, and these explorers are getting ready, spurred on by analysts predicting they’ll climb even higher.

Voices are growing louder for the establishment of the green iron industry in WA, but experts warn the issue isn’t policy, it’s raw materials.

Global shipping is going digital, and Aussie tech stocks like WiseTech and Yojee are wiring up the future of freight.

Trading halts

Challenger Gold (ASX:CEL) – cap raise
Eclipse Metals (ASX:EPM) – resource upgrade
Estrella Resources (ASX:ESR) – exploration update
New Frontier Minerals (ASX:NFM) – cap raise
Patriot Resources (ASX:PAT) – copper discovery
QuickFee (ASX:QFE) – debt refinancing and cap raise
Sunshine Metals (ASX:SHN) – drilling results

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