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

Good morning everyone and welcome to Rise and Shine on Thursday, October 9, 2025. Here’s what you should know before the ASX opens today…

At 7 am AEST Thursday, ASX futures were up 0.5%, pointing to a strong start to the day.

Here’s what went on overnight…

Crack in the foundation?

Let’s cut to the chase: US equities rallied again.

The Dow squeaked out 0.05% gain, the S&P 500 popped 0.56%, and the Nasdaq flexed with a 1.04% rally.

Across the board, AI chip names were on fire last night, fuelled by a swirl of megadeals that made the whole sector look like musical chairs played with billion-dollar chips.

Apple and Nvidia both got heavy bids, but as always, the question is: how much of this is real earnings, and how much is narrative?

Dell ripped 9% higher after doubling its growth targets and hitching itself to the AI hardware frenzy.

Goldman Sachs’ Peter Oppenheimer warned that bubbles arise when valuations outrun prospective cash flows.

He said tech valuations are “stretched but not yet at levels consistent with historical bubbles.” That’s an elegant way of saying: don’t be surprised if they trip.

Renaissance Macro isn’t waving red flags yet, but they’re nudging your shoulder: “The S&P is approaching our 6800-year-end target, but rather than exiting, it’s time to reassess.”

Market predictions

The Bank of England is not prone to melodrama, yet in its financial stability update it flagged the risk of a “sharp market correction.”

Particularly, they called out AI-tech names as especially vulnerable if expectations around AI run into friction.

They cited bottlenecks in power, data, commodity supply chains, or even conceptual breakthroughs that change how AI infrastructure is built – all potential cracks in the armor.

IMF chief Kristalina Georgieva, meanwhile, is doing the monetary equivalent of walking a tightrope in heels.

Her message is that the world’s not falling apart, just limping along better than the doomsayers expected.

Global growth, she says, should hold around 3% in 2025 and 3.1% in 2026. The world has, in her words, “withstood acute strains from multiple shocks.”

Still, she said risks remain “lumpy,” with inequality, policy fumbles and geopolitical misfires all waiting to trip us up.

Then came the line that summed it up perfectly: we’re “better than feared, but worse than needed.”

Gold and silver

Here’s where the nervous money goes.

Gold smashed through US$4,000/oz territory last night, a tactical repositioning by investors who’d rather be early to the lifeboat.

Silver has been riding shotgun, but not wanting to be left behind.

It surged alongside gold overnight, climbing toward multi-decade highs as traders piled in for the same “debasement trade.”

Bitcoin: disruptor or danger zone?

Bitcoin climbed aggressively alongside gold.

“Everybody that’s been calling bunk on bitcoin the last decade has been proven wrong,” said TwinFocus’ Paul Karger.

That stings, especially for the long-time sceptics.

If Bitcoin is being framed as “digital gold,” it means capital is rotating.

But the smart play, Karger said, is leverage with caution.

Let some capital ride the upside, but don’t let it be your mattress.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Health Check: Smiles all around as PainChek (ASX:PCK) wins FDA clearance for its groundbreaking digital app.

Biocurious: Control Bionics says outwitting the world’s richest man is a no-brainer.

Gold outshines gas as precious metal props up Aussie exports.

Fresh gold hits in Yandal Greenstone Belt lure juniors to underexplored field.

Trading halts

Ardiden (ASX:ADV) – major gold acquisition and cap raise
DeSoto Resources (ASX:DSE) – cap raise
Dreadnought Resources (ASX:DRE) – cap raise
Hiremii (ASX:HMI) – cap raise
Invion (ASX:IVX) – cap raise
Toubani Resources (ASX:TRE) – funding package for Kobada Gold project
Triangle Energy (Global) (ASX:TEG) – overseas permits announcement
Wellard (ASX:WLD) – delisting from ASX

At Stockhead, we tell it like it is. While Elevate Uranium and PainChek are Stockhead advertisers, they did not sponsor this article.

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