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

Good morning everyone and welcome to Rise and Shine on Wednesday, November 12, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST Wednesday, ASX futures were up 0.25%, hinting at a decent open.

Here’s what happened overnight….

Wall Street shakes off shutdown fatigue

The blue-chip Dow index ripped higher overnight, up 1.18% while the S&P 500 squeaked out a 0.27% gain. The Nasdaq slipped 0.18%, weighed down by tech names.

The rally had an odd flavour: defensive blue-chips like Merck and Nike took the baton while tech’s golden child Nvidia was sent to the corner, down 2.5% after SoftBank cashed out its entire US$5.8 billion stake.

Apparently even Masa Son knows when the music’s getting a bit too loud in AI-land.

Nvidia’s fall didn’t stop AMD from swaggering into the spotlight. CEO Lisa Su told investors her chips will grow AI revenue 80% a year for the next five years, with the total market hitting US$1 trillion by 2030.

Apple, meanwhile, popped 2%, retaking its US$4 trillion crown, and FedEx jumped 6% after assuring investors the holiday season won’t be a train wreck.

US shutdown nears its end

After 42 days of the longest government shutdown in US history, the House is expected to vote through a funding bill that reopens Washington by Thursday AEDT.

Trump is calling it a “very good deal,” and the Senate already passed its version, so the finish line’s in sight, at least until the next tantrum in January.

Meanwhile, the shutdown blackout has left traders squinting for data like miners in the dark.

ADP’s private payrolls showed companies shedding 11,000 jobs a week in October, and 71% of Americans now expect unemployment to rise, the highest since 1980.

Goldman reckons total payrolls actually fell 50,000 last month. If they’re right, the “soft landing” crowd might soon need an emergency exit row.

Iron ore’s next wave comes from Africa, not Pilbara

Iron ore traders are watching Africa, specifically Guinea, where the freshly upgraded Morebaya port just opened its doors.

That means Rio Tinto and its Chinese partners at Simandou can finally start shipping what’s expected to become 120 million tonnes of ore a year.

It’s one of the biggest mining projects on Earth, and conveniently, Beijing controls about three-quarters of it.

The move gives China direct leverage over the steel feedstock that’s been propping up Australia’s trade surplus for a decade.

Once those Guinean shipments start flowing, it could put a ceiling on iron ore prices just when BHP and Fortescue were getting comfortable again.

And finally..

Back home, today’s calendar has a bit of everything.

Aristocrat Leisure reports results, while a crowd of big names including Beach Energy, Flight Centre, Domino’s Humm, and Inghams all host their AGMs.

Expect a few “macro headwinds” and “disciplined cost management” lines to get dusted off.

At 9.15 am AEDT, RBA assistant governor Brad Jones will have a “fireside chat” at the ASFA conference in Broadbeach, which sounds relaxing until you remember central bankers are professional mood dampeners.

Then at 11.30, the RBA drops a discussion paper on China’s ageing population.

If that sounds dull, remember: slower China means slower demand for everything Australia digs up, ships, or sells.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Health Check: Big Pharma vies for the fat rewards of the anti-obesity market.

Biocurious: ‘My finest hour and my biggest regret’ – biotech veterans reflect on two decades in the game.

Resources Top 5: Big gold hits and rare earths rallies keep the small caps buzzing.

Explorers Podcast: The golden monster brewing in Katanning.

Trading halts

ADX Energy (ASX:ADX) – cap raise
Conrad Asia Energy (ASX:CRD) – farm-down of 75% of Duyung PSC
ECS Botanics (ASX:ECS) – cap raise
Fortuna Metals (ASX:FMTT) – cap raise
Megaport (ASX:MP1) – material acquisition and equity raising
MotorCycle Holdings (ASX:MTO) – review of vehicle registration duty underpayments
Skylark Minerals (ASX:SKR) – project acquisition
Tasman Resources (ASX:TAS) – exploration update at Lake Torrens project
Waratah Minerals (ASX:WTM) – response to ASX price and volume query and exploration results

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