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

Everything you need to know before the ASX opens. Pic: Getty Images

Good morning everyone and welcome to Rise and Shine on Friday, September 26, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST Friday, ASX futures were up 0.1%, pointing to a modest start to the session.

Here’s what went down last night while you were asleep …

Wall St rally hits resistance

American and European stock markets fell across the board overnight.

On Wall Street, the Dow slipped 0.38%, S&P lost 0.5%, and Nasdaq off by the same.

STOCK INDICES	Value	Change
ASX 200	8,773	0.10%
S&P 500	6,605	-0.50%
Dow Jones	45,947	-0.38%
Nasdaq Comp	22,385	-0.50%
Euro Stoxx 50	5,445	-0.36%
UK FTSE	9,214	-0.39%
German DAX	23,535	-0.56%
French CAC	7,795	-0.41%

Three days in a row of selloff, and it’s the market saying: valuations are stretched, rate-cut bets are wobbling, and maybe AI euphoria doesn’t justify infinity multiples.

Megatech stocks all tumbled. Tesla was down 4% as Europe buyers kept defecting to Chinese EVs.

The lone outlier was Intel, which ripped 9% on rumours of Apple interest. The irony isn’t lost on anyone: this is the same Intel that once passed on the iPhone.

The macro data didn’t help, too. US GDP was revised up to 3.8% and jobless claims fell.

On paper that’s good news – the economy’s humming, layoffs are low. But in this market, “good” reads as bad. Strong growth just means a Fed with less urgency to ease.

Speaking of Fed, their voices are splitting – some still pressing for cuts, others fretting about sticky inflation.

Chicago’s Austan Goolsbee and Kansas City’s Jeff Schmid are both twitchy about cutting too far with inflation still hanging around.

Rookie governor Stephen Miran, meanwhile, was on Bloomberg yelling that 4% is “highly restrictive” and cuts need to come faster.

Silver takes the podium

Silver smashed through US$45 for the first time since 2011, up 55% year-to-date.

That’s a bigger run than gold, which is already on a record-setting spree.

ETFs are soaking up flows, with mums, dads and hedge funds alike deciding they’d rather own rocks than ride tech’s nosebleed multiples.

Platinum even jumped through US$1500 for the first time in a decade.

But when second-tier precious metals are breaking out, it feels like fear buying.

Bitcoin stalls

Bitcoin cracked under US$110,000 overnight, down nearly 7% for the week.

Leverage longs worth US$1.1 billion were wiped out in 24 hours. Looks like the momentum traders just got margin-called.

Ethereum and Solana both fell 7%.

Dogecoin, still inexplicably the eighth-largest crypto, slumped to 23c at this time of writing.

Bitcoin is “showing signs of exhaustion,” said a note from Glassnode.

Bitwise strategist Juan Leon added: crypto’s “at the mercy of macro right now.”

And finally…

The big data tonight is the US Core PCE – the Fed’s inflation compass.

Market is bracing for a 0.2% rise.

If it comes hotter, kiss those two cuts goodbye. If it lands soft, risk assets get another lease on life.

Locally, traders will still be watching copper after Grasberg disruptions yesterday.

Commodity/forex/crypto market prices

	Price (US)	Move
Gold:	$3,749.43	0.35%
Silver:	$45.18	2.89%
Iron ore:	$105.54	0.00%
Nickel:	$15,240	-1.26%
Copper:	$9,455	-0.62%
Zinc:	$2,928	-0.18%
Lithium carbonate 99.5% Min China Spot:	$11,402	1.23%
Oil (WTI):	$65.22	0.35%
Oil (Brent):	$69.58	0.39%
AUD/USD:	$0.6533	0.53%
Bitcoin:	$109,504	-3.37%