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.

Everything you need to know before the ASX opens. Pic: Getty Images.

Good morning everyone and welcome to Rise and Shine on Tuesday, May 13, 2025. Here's what you should know before the ASX opens today…

Wall Street

Wall Street just caught a monster wave overnight as the US and China hit the pause button on tariffs for 90 days.

The US agreed to slash duties on Chinese goods from 145% to 30%, while China trimmed its levies on US imports to just 10%. Investors certainly didn’t see that one coming.

The S&P 500 ripped over 3% on the news, while the tech-heavy Nasdaq rocketed over 4%, clawing its way back into bull market territory after plunging 20% just a month ago.

Big Tech had a field day – Amazon surged 8%, Meta was also up 8%, Apple gained 6%, and Nvidia added 5%.

Trump said he might even chat directly with Xi Jinping later this week.

The ASX is set to ride that momentum with futures pointing to a 1% jump this morning.

Oil Prices

Both Brent crude and WTI gained 1.6% as the tariff truce between the US and China, the world’s two biggest oil guzzlers, sent crude prices rallying.

ING analysts called it a “larger-than-expected de-escalation,” hinting that the Fed might now be less pressured to slash rates.

Energy stocks like Woodside and Santos might see a lift today.

Gold Price

Gold, however, got absolutely hammered as risk appetite came roaring back.

The shiny metal tumbled over as much as $100 to its sharpest drop in months, as traders bailed on safe havens and chased the action on Wall Street.

ASX gold miners might face headwinds today.

Iron Ore

Iron ore futures jumped 2% on risk appetite.

Mills kept churning out hot metal, pushing production to 2.46 million tons, according to Mysteel.

Despite iron ore’s 11% dip earlier this year, markets are now sniffing optimism.

ASX iron ore giants could benefit today.

Bitcoin

Bitcoin bulls are cheering the US-China truce, as BTC punched as high US$105,700 for the first time in four months, before paring back the gains to US$102.4k.

Some analysts are now eyeing a full breakout with targets pinned at US$150,000.

Bitwise’s sentiment index, however, flashed some warning lights of potential short-term overheating, but that didn’t stop the surge.

COMMODITY/FOREX/CRYPTO MARKET PRICES

• Gold: US$3236.34/oz (-3%)
• Silver: US$32.60 (-0.35%)
• Iron Ore: US$99.75/t (+2%)
• Nickel (3mth): US$15,804/t (+1.73%)
• Copper (3mth): US$9445.5/t (+0.15%)
• Zinc: US$2678/t (+0.83%)
• Oil (WTI): US$61.99/b (+1.6%)
• Oil (Brent): US$64.95/b (+1.62%)
• AUD/USD:0.6367 (-0.7%)
• Bitcoin: US$102,474 (-1.7%)

What got you talking

Also in the news...

With gold prices hanging out above US$3000 an ounce, these two major mining players are snatching up smaller operators in West Africa, leaving us wondering.... who's next?

The US Fed has finally uttered the forbidden word - stagflation. Stockhead's own Eddy Sunarto explores the possible impacts in this week's Hot Money Monday.

Small-cap explorer Codrus Minerals (ASX:CDR) is in Kristie Batten's sights this week, as she explores the company's recent efforts on its Bull Run gold project in Oregon.

Trading Halts

Ridley Corporation (ASX:RIC) – cap raise
Peak Rare Earths (ASX:PEK) – cap raise

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