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

Good morning everyone and welcome to Rise and Shine on Monday, September 8, 2025. Here’s what you should know before the ASX opens today…

At 7 am AEST Monday, ASX futures were down 0.2%, pointing to a soft start to the week.

Here’s what went down last Friday….

Wall Street can’t stay high forever

The love affair with record highs didn’t last too long.

On Thursday, the S&P 500 kissed an all-time close. By Friday, the numbers and the mood had soured.

The Dow fell 0.48%, the S&P 500 slipped 0.32%, and the Nasdaq was down 0.03%.

The culprit was the much anticipated US jobs report.

Only 22,000 new jobs in August were printed versus 75,000 expected. The unemployment rate nudged up to 4.3%.

Three months of cracks now, and the market isn’t debating if the Fed cuts in September, it’s pricing how big the axe will be. Odds of a 50bp chop are climbing fast…

Trump smelled blood and, as usual, went for Powell:

“Jerome ‘Too Late’ Powell should have lowered rates long ago. As usual, he’s ‘Too Late!’”. Subtlety never was the man’s game.

But the real point is this: if Fed independence was already fragile, the President turning the central bank into his personal punching bag just accelerates the erosion.

Once credibility’s gone, rate cuts don’t calm markets, they confirm the panic.

In stock news, Broadcom ripped 9% higher on word it’s building OpenAI’s first chips, dding US$140 billion to its market cap.

Tesla rallied after the board dangled a US$1 trillion pay package in front of Musk, complete with targets like an US$8.5 trillion market cap and one million robotaxis.

And, Apple said it was prepping an iPhone so thin it might disappear in a stiff breeze at its September 9 event.

AI hype isn’t linear, it’s lumpy: Goldman

Goldman’s Eric Sheridan poured cold water on the “AI straight to the moon” narrative, warning that the trade is “nonlinear and volatile.”

Translation: phase one was easy – chips, data centres, and cloud, which made Nvidia the king of the hill.

Phase two is harder – actually proving AI is more than a shiny demo tool.

The catch is that everyone is paying nosebleed valuations now, for returns that may not show up until later, if they show up at all.

History lesson: every tech boom has its “infrastructure first, value later” phase.

Most of those “later” companies never make a cent.

Gold is revolting

Gold punched through US$3,650/oz briefly on Friday, before retreating to just below US$3,600/oz.

The usual safe-haven story explains part of it, but the bigger truth is nastier: gold is the anti-Fed trade.

Every sign Powell is cornered, every Trump jab at central bank independence, every soft data point – it all feeds the same view.

Investors aren’t just buying insurance; they’re voting no-confidence in the world’s most important institution – the US government.

This week’s agenda

Australia kicks off Tuesday with consumer and business confidence, the first since the RBA’s third rate cut in August.

Westpac sentiment was already at a 3.5-year high in July.

But that was before households saw cheaper mortgages, so brace for optimism to jump again. Whether that optimism translates into spending is another story.

Globally, China’s August trade data drops today. July’s exports beat expectations, and that was despite tariffs and slowing US demand. Odds are it won’t last.

The ECB meets Thursday, and no-one expects fireworks. Rates to remain steady at 2% is the consensus there.

The real event this week, however, is the US CPI on Thursday.

Forecast is a 0.3% gain for both headline and core.

If that sticks, it will give Powell cover for 25bp, but after Friday’s jobs debacle, markets are daring him to swing harder.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Monsters of Rock: Copper supply just doesn’t get any easier to find.

Backing Winners: Why Brendan Borg sees West Africa as lithium’s next frontier.

MoneyTalks: Morgans’ Scott Power spotlights three ASX healthcare stocks.

Resources Rising Stars returns to the Goldie as gold booms, copper shines and uranium heats up.

ASX Health August Winners: Only lucky ones come out on top as CSL sparks 13pc sector sell-off.

Trading halts

Adelong Gold (ASX:ADG) – cap raise
Artrya (ASX:AYA) – cap raise
Great Northern Minerals (ASX:GNM) – tenure applications Catalyst Ridge Project
Latitude 66 (ASX:LAT) – Carnaby deal update, exploration results
Marimaca Copper (ASX:MC2) – cap raise
Metal Powder Works (ASX:MPW) – cap raise
Red Mountain Mining (ASX:RMX) – pending assay results Fry Lake Gold Project
Rumble Resources (ASX:RTR) – cap raise
Solvar (ASX:SVR) – ASIC proceedings judgment
Tasmea (ASX:TEA) – cap raise

At Stockhead, we tell it like it is. While Caprice Resources 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.