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

Good morning everyone and welcome to Rise and Shine on Tuesday, September 2, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST Tuesday, ASX futures were drifting down 0.1%, extending Monday’s losses.

But while you were snoring, Europe was wide awake and busy making moves. Here’s the overnight action….

Europe stirs

With Wall Street shut for Labor Day, Europe got the spotlight, and it made the most of it.

The Stoxx 600 nudged 0.2% higher, led by defence names BAE Systems and Rheinmetall after reports Brussels is sketching plans for a post-conflict Ukraine deployment.

But the drama of the night belonged to Swiss company, Nestlé.

CEO Laurent Freixe was shown the door after an office affair, another entry in the ever-growing “CEOs undone by HR” file.

Investors might not miss him, though.

Under Freixe’s short 1-year reign, shares sank 17%, while rival Unilever only managed to lose 5%. Nespresso boss Philipp Navratil now takes the wheel.

And in the States, even with markets closed, the noise kept coming.

Treasury Secretary Scott Bessent said, “The Fed should be independent. The Fed is independent, but I, I also think that they’ve made a lot of mistakes.”

Not exactly a glowing endorsement, and it lands as Trump keeps swinging at Jerome Powell and Fed Governor Lisa Cook.

Evercore says AI will keep glowing

Evercore ISI’s Julian Emanuel is still pouring fuel on the AI bonfire.

He reckons the S&P 500 can climb another 20% by the end of 2026 to hit 7750 points. His is probably the most bullish call on the Street.

His take is that “a technological revolution is lifting stocks, multiples and society to new heights.”

Translation: AI is the new electricity, and you either buy the story or risk being left holding the candle.

If he’s right, the game is simple: hold your nerve through the pullbacks.

But markets have seen hype cycles before. Dot-com investors thought they were buying the future too, until reality showed up…

Silver’s $40 moment, finally…

Silver has finally cracked the US$40 an ounce mark for the first time since 2011.

Up nearly 40% this year, it’s making gold look almost… restrained, even as the yellow metal hovers near record highs around US$3,500.

“Gold and silver have suddenly sprung to life as both fundamentals and technicals aligned,” Saxo’s Charu Chanana said.

So what’s really going on here?

Precious metals are the safe-room whenever the market looks like it’s losing the plot.

And finally…

For Australia, the immediate focus is Q2 current account and export data at 11.30am AEST today.

Globally, the bigger fireworks are later in the week.

Europe releases CPI tonight, the US has construction spending and manufacturing PMI on the docket, but Friday’s US jobs report is the real heavyweight.

If payrolls come in soft, the case for a September rate cut hardens.

If they surprise on the upside, expect metals to wobble and equities to sweat.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Health Check: 4D Medical (ASX:4DX) wins ‘historic’ FDA clearance for lung imaging tool.

Kristie Batten: Hydro Lit is developing Australia’s largest lithium deposit.

Hot Money Monday: Some crucial biotech updates you might have missed last week.

Kaolin fever is building and these Australian companies are leading the party.

Trading halts

Argenica Therapeutics (ASX:AGN) – Phase 2 stroke trial results
EQ Resources (ASX:EQR) – cap raise
PolyNovo (ASX:PNV) – US reimbursement speculation announcement

At Stockhead, we tell it like it is. While Silver Mines is a Stockhead advertiser, it did not sponsor this article.

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