Rise and Shine: Everything you need to know before the ASX opens
Good morning! Here’s everything you need to know before the ASX flings open its doors and begins trading today.
Good morning everyone and welcome to Rise and Shine on Friday, December 5, 2025. Here’s what you should know before the ASX opens today…
At 7am AEST Friday, ASX futures were pointing 0.3% higher, pointing to a modest rise for the day.
Here’s what went down overnight…
Wall Street floats sideways
The Dow finished pretty much flat, the S&P eked out a 0.1% gain, and the Nasdaq also did a whole lot of not much.
| STOCK INDICES | Value | Change |
| ASX 200 | 8,618 | 0.27% |
| S&P 500 | 6,845 | -0.07% |
| Dow Jones | 47,804 | -0.17% |
| Nasdaq Comp | 23,470 | 0.07% |
| Russell 2000 | 2,535 | 0.90% |
| Euro Stoxx 50 | 5,718 | 0.41% |
| UK FTSE | 9,711 | 0.19% |
| German DAX | 23,882 | 0.79% |
| French CAC | 8,122 | 0.43% |
The headline was US jobless claims dropping to their lowest level since 2022.
On the surface, that reinforces the 'soft landing' narrative. But holiday distortions make this series notoriously noisy, meaning the labour signal is still blurred just days before the Fed meets.
Fed funds futures now imply an 90% probability of a December cut.
On the corporate side, Meta rallied ~4% as Bloomberg reported Zuck may cut spending on the metaverse.
Netflix slid, with investors uneasy about reports it could become the lead bidder for Warner Bros Discovery’s studio and HBO Max assets.
And, Bill Gates’ 23-year old daughter Phoebe Gates is raising US$30m for an AI shopping platform startup.
The slide deck may be good, but the surname is doing most of the underwriting.
A K-shaped economy
A K-shaped economy is what happens when different parts of society move in opposite directions - like the two arms of the letter K.
At the top of the K, wealthier households are still spending on new gadgets and business-class flights.
At the bottom of the K, everyday consumers are trading down and stretching their wallets.
Bank of America reckons the bottom will stabilise before the top finally cools, a way of saying the stress shows up first where people have the least room to absorb it.
For markets, this divergence is the real risk.
Stock indices keep pushing toward record highs thanks to a handful of mega caps. But beneath that, a broader slowdown is already happening in the parts of the economy that rely on volume.
Copper: adored by traders, questioned by analysts
Copper keeps marching higher towards new records, powered by credible supply risk.
But overnight, Mercuria Energy ordered 50,000t out of LME warehouses (the largest withdrawal in a decade), and suddenly every trader remembered what a short squeeze feels like.
Mercuria is a privately-held energy and commodity trading group headquartered in Geneva, Switzerland.
Cue Goldman Sachs with the bucket of cold water:
“Most of the recent copper price increase is based on expectation of future market tightness, rather than current fundamentals.”
The long-term electrification thesis, Goldman says, is still intact but the sentiment premium is now bigger than the supply gap.
And finally...
The US PCE inflation print (the Fed Reserve’s preferred gauge) drops late tonight.
Any moderation strengthens the rate cut narrative and could give the S&P enough oxygen to break decisively into new territory.
Back home, Premier Investments holds its AGM, a good litmus test for discretionary spending into Christmas, especially in apparel where margins are tightly watched.
Commodity/forex/crypto market prices
| Price (US) | Move | |
| Gold / ounce | $4,208.50 | 0.13% |
| Silver / ounce | $57.03 | -2.49% |
| Iron ore / tonne | $107.77 | 0.39% |
| Nickel / tonne | $14,890 | 0.10% |
| Copper / pound | $10,548 | -0.60% |
| Zinc / tonne | $3,090 | 0.69% |
| Lithium carbonate 99.5% Min China Spot / tonne | $13,265 | -0.37% |
| Oil (WTI) / barrel | $59.68 | 1.24% |
| Oil (Brent) / barrel | $63.28 | 0.97% |
| AUD/USD | $0.6614 | 0.13% |
| Bitcoin | $92,001 | -1.54% |
What got you talking
Also in the news…
Health Check: Researchers find new ways to navigate the Alzheimer’s disease treatment maze.
It’s raining high-grade gold in WA’s exploration sector.
Aussie Fundie Emanuel Datt is backing small caps to reel in the big end of town.
Lithium’s next boom may be coming and these juniors are well placed to lead the revival.
Who made the gains in November? The Top 50 ASX resources stocks.
Trading halts
Accelerate Resources (ASX:AX8) – cap raise
Andean Silver (ASX:ASL) – cap raise
Cobalt Blue Holdings (ASX:COB) – cap raise
Desert Metals (ASX:DM1) – cap raise
Felix Gold (ASX:FXG) – cap raise
Locksley Resources (ASX:LKS) – cap raise
Miramar Resources (ASX:M2R) – cap raise
Norwood Systems (ASX:NOR) – cap raise
State Gas (ASX:GAS) – material funding arrangement
Sunstone Metals (ASX:STM) – cap raise
True North Copper (ASX:TNC) – cap raise
At Stockhead, we tell it like it is. While Calmer Co 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.
Originally published as Rise and Shine: Everything you need to know before the ASX opens
