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

Good morning everyone and welcome to Rise and Shine on Friday, October 24, 2025. Here’s what you should know before the ASX opens today…

At 7 am AEST Friday, ASX futures were down 0.3%, pointing to a sluggish end to the week.

Here’s what went down while we were sleeping…

Wall Street gets its groove back (sort of)

The Dow added 0.27%, the S&P 500 lifted 0.56%, and the Nasdaq climbed 0.85%, a decent recovery considering the week’s been a buffet of confusion.

Tesla managed to stop the bleeding after its earnings miss yesterday, up by 2%.

IBM beat profit expectations but missed just slightly on software revenue, and investors punished it 1% lower.

OpenAI’s world domination campaign rolled on.

Its partner, Crusoe, bagged a fat US$1.38 billion funding from Abu Dhabi’s Mubadala, Fidelity, Nvidia, and a few other heavy hitters. That values the AI data-centre darling north of US$10 billion.

Intel will be back in the spotlight, set to report earnings after the bell. The chipmaker’s expected to scrape a one-cent profit on about US$13 billion in revenue.

Meanwhile, the White House is now eyeing US quantum firms like IonQ and Rigetti for a slice of Chips Act funding, and maybe a slice of ownership too.

It’s the same playbook it used with Intel, where the government took a 10% stake.

Quantum’s still half lab dream, half headline, but Washington clearly doesn’t want China owning that future.

Oil shoots up

Oil prices went full blast overnight.

WTI jumped over 5% to above US$61 a barrel after the US blacklisted Russia’s oil companies Rosneft and Lukoil, a sharp pivot from last year’s “price cap without pain” policy.

India, one of Moscow’s biggest crude customers, basically said: good luck finding new buyers.

So, the world’s supply math just got fuzzier.

China could step in, sure, but it’s already juggling a slowing economy and property implosions.

The only constant in this market is that sanctions are bullish for energy stocks, and terrible for anyone who actually drives a car.

Watch for oil stocks on the ASX today.

Binance and the art of the pardon

President Trump has pardoned Binance founder Changpeng Zhao, yes, that CZ, who pleaded guilty in 2023 for failing to stop money laundering on his platform.

Binance Coin jumped 5% on the news.

CZ now walks free, and conveniently, he’s been linked to Trump’s own crypto outfit (World Liberty Financial), the same one that reportedly earned Trump over US$57 million last year.

And finally…

Back home, traders will be watching CPI prints out of the US late Friday, the one bit of data that still matters before the Fed meeting.

Futures pricing has a 99% chance of a 25-point cut.

Locally, quarterly updates are due from Newmont, Pilbara Minerals, and Whitehaven Coal – the usual suspects that decide whether the miners keep the ASX afloat.

And, RBA governor Michele Bullock will speak at the Bradfield Oration at 11:05 am, hopefully with more clarity than her last outing when she cryptically called the labour market “finely balanced”.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

ASX companies on front line of advancing breast cancer care.

Resources Top 5: WYX, VHM and NTU lift as critical minerals rally marches on.

Gold records biggest daily plunge since Covid – are miners still a buy?

Trading halts

Australian Oil Company (ASX:AOK) – cap raise
Cann Group (ASX:CAN) – debt restructure and cap raise
Challenger Gold (ASX:CEL) – cap raise
Coda Minerals (ASX:COD) – cap raise
Northern Minerals (ASX:NTU) – cap raise
Scorpion Minerals (ASX:SCN) – assay results and partnership update
Tamboran Resources (ASX:TBN) – cap raise

At Stockhead, we tell it like it is. While Carnavale 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.