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 Thursday, December 4, 2025. Here’s what you should know before the ASX opens today…
At 7 am AEST Thursday, ASX futures were up 0.1%. Modest, but enough to set the scene for a slightly chirpy open.
Here’s what went down overnight…
Wall Street sneaks up
The Dow popped higher by 0.99%, the S&P by 0.45%, and the tech-heavy Nasdaq by 0.32%.
| STOCK INDICES | Value | Change |
| ASX 200 | 8,595 | 0.18% |
| S&P 500 | 6,860 | 0.45% |
| Dow Jones | 47,943 | 0.99% |
| Nasdaq Comp | 23,489 | 0.32% |
| Russell 2000 | 2,507 | 1.70% |
| Euro Stoxx 50 | 5,695 | 0.15% |
| UK FTSE | 9,692 | -0.10% |
| German DAX | 23,694 | -0.07% |
| French CAC | 8,087 | 0.16% |
The main catalyst was a shocker in the latest ADP labour market report, showing US private employers cut 32,000 jobs in November.
The weak payroll data lit a fire under rate cut bets for the Fed Reserve, which in turn stoked risk appetite across equities.
But big tech and chip names felt the drag last night.
Word surfaced that Microsoft slashed its AI sales numbers. The market reaction was instant: if even the biggest AI vendor on earth is lowering the bar, maybe demand isn’t as “limitless” as everyone has been claiming.
That knocked chip stocks like Nvidia and peers a bit off their perch, even as some chip companies like Marvell Technology tried to push a bullish narrative on future demand.
Meanwhile, Bitcoin poked its head up again, bouncing from deep November lows toward a two-week high at US$93,150.
The Fed chair drama continues
Treasury Secretary Scott Bessent was cagey when asked whether Kevin Hassett is a lock for the next Fed chair job.
Instead of outright support, Bessent reminded everyone that real power lies with the whole committee and the regional bank governors too.
But this isn’t a leadership question, it’s a rate path question.
Will the next Fed boss be the one who gifts Wall Street a cut?
With bond yields volatile and risk assets jittery, we might be leaning toward: it’s complicated.
Copper and natgas surge
Meanwhile, raw commodities are cooking. Copper just smashed through to a new all-time high.
Why the frenzy? Well, a weaker dollar, tighter global supply, and fresh data showing Asian warehouses are draining.
Natural gas wasn’t far behind.
With cold weather looming in the Northern Hemisphere and AI data centres sucking power, gas prices have been on a tear, now trading at a 3-month high.
And finally...
Eyes will be Australia’s trade balance data due at 11:30 am AEDT.
This is a number that could jolt the currency and local commodity-linked names.
Then there’s investor day over at Bendigo Bank.
It could be dull, but sometimes regional bank guidance surprises, and those surprises ripple.
Commodity/forex/crypto market prices
| Price (US) | Move | |
| Gold / ounce | $4,208.86 | 0.06% |
| Silver / ounce | $58.52 | 0.13% |
| Iron ore / tonne | $107.35 | 0.38% |
| Nickel / tonne | $14,880 | 0.95% |
| Copper / pound | $10,630 | 2.50% |
| Zinc / tonne | $3,069 | 0.18% |
| Lithium carbonate 99.5% Min China Spot / tonne | $13,318 | -0.05% |
| Oil (WTI) / barrel | $58.93 | 0.49% |
| Oil (Brent) / barrel | $62.68 | 0.37% |
| AUD/USD | $0.6601 | 0.38% |
| Bitcoin | $93,149 | 2.00% |
What got you talking
Also in the news…
Health Check: Optiscan (ASX:OIL) launches a new imaging trial for ‘very complex’ cancers.
Biocurious: Saluda Medical’s IPO tackles the $35-billion-a-year chronic pain market.
ASX November Winners: ASX slides, Bitcoin plunges, but Mt Ridley soars again.
Up, Up, Down, Down: Battery metals bulls run as lithium and rare earths pull in massive gains in November.
ASX Tech November Winners: Horror month for the sector, but some stocks scraped through okay.
Trading halts
Antares Metals (ASX:AM5) – cap raise & project acquisition
Arika Resources (ASX:ARI) – cap raise
Askari Metals (ASX:ASK) – cap raise (top-up following entitlement offer)
AusQuest (ASX:AQD) – cap raise
EQ Resources (ASX:EQR) – cap raise
LinQ Minerals (ASX:LNQ) – awaiting drilling result
Melbana Energy (ASX:MAY) – pending announcement on spud date of its Amistad-11 well in Cuba
Minbos Resources (ASX:MNB) – cap raise & financing update
Swoop Holdings (ASX:SWP) – cap raise (entitlement offer)
TZ Limited (ASX:TZL) – cap raise
Vulcan Energy Resources (ASX:VUL) – capital raise / financing for its Lionheart project
At Stockhead, we tell it like it is. While Ore Resources and Optiscan 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.
Originally published as Rise and Shine: Everything you need to know before the ASX opens
