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 Wednesday, October 8, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST Tuesday, ASX futures were down 0.1%, hinting at a sluggish open.

Here’s what went down while the rest of us were asleep….

Wall Street runs out of gas

The Dow eased 0.14%, the S&P 500 0.36%, and the Nasdaq 0.71%, as traders finally realised gravity is still a thing.

STOCK INDICES	Value	Change
ASX 200	8,964	– 0.20%
S&P 500	6,740	– 0.36%
Dow Jones	46,695	– 0.14%
Nasdaq Comp	22,942	– 0.71%
Euro Stoxx 50	5,629	– 0.41%
UK FTSE	9,479	0.13%
German DAX	24,378	0.00%
French CAC	7,972	1.36%

Oracle fell 2.5% after a leaked report showed its much-hyped AI cloud margins were thinner than first thought – about $125 million profit on $900 million in sales.

Tesla tried to steal the spotlight, rolling out a cheaper Model Y at US$39,990 – a trimmed-down, “we lost the tax credits so here’s a haircut” edition.

Meanwhile, Trilogy Metals went full meme stock after news the Trump administration is taking a 10% stake and fast-tracking an Alaska mining road.

The stock tripled in hours, not bad for a company most traders couldn’t find on a map yesterday.

Turning to macros, the NY Fed’s consumer survey says US inflation expectations ticked up to 3.4%.

Strategas, the Wall Street shop known for calling tops before they’re obvious, summed it up neatly, “Momentum can certainly mean revert in the near-term…”

However UBS, ever the optimist, says the bull market is still “on track.” Sure. So was the Titanic.

Small caps: the comeback kids?

After a two-year nap, US small caps are finally showing signs of life.

The Russell 2000 posted its best quarter since 2021, not from inflated multiples, but actual earnings growth. That’s right: profits. Remember those?

Bank of America says small-cap EPS forecasts are being revised upward for the first time in ages.

The index is up 12% over the past quarter, but valuations are still reasonable – trading only 7% above historical averages, compared to large-caps, which are more inflated than a crypto whitepaper.

Gold futures hit US$4,000

Gold just can’t stop flexing, with futures smashing through US$4,000/oz last night.

“Gold is a very excellent diversifier… probably put 15 per cent of your portfolio in gold,” said Ray Dalio.

He even dropped the nostalgia bomb: the 1970s, when gold last went parabolic on inflation, debt, and geopolitical chaos.

The difference this time? We’ve got AI bubbles, Trump back in the chair, and a US government too broke to publish its own data.

If that’s not a recipe for bullion binge-buying, nothing is.

But LPL’s Adam Turnquist warned: “Gold’s melt-up could be due for a pause or pullback.”

Commodity/forex/crypto market prices

	Price (US)	Move
Gold:	$3,981.51	0.48%
Silver:	$47.74	-1.69%
Iron ore:	$104.22	-0.25%
Nickel:	$15,480	0.09%
Copper:	$10,087	0.82%
Zinc:	$3,045	1.25%
Lithium carbonate 99.5% Min China Spot:	$11,402	1.23%
Oil (WTI):	$62.02	0.53%
Oil (Brent):	$65.74	0.41%
AUD/USD:	$0.6580	0.37%
Bitcoin:	$122,108	-2.14%