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 Wednesday, December 10, 2025. Here’s what you should know before the ASX opens today…
At 7am AEST Wednesday, ASX futures were up 0.3%, pointing to a modestly higher open.
Here’s what went down overnight…
Wall Street braces for the Fed
The Dow slipped 0.25%, the S&P500 finished flat, and the Nasdaq managed a 0.17% gain - all while traders tried to remain calm ahead of the Fed Reserve decision.
| STOCK INDICES | Value | Change |
| ASX 200 | 8,586 | -0.45% |
| S&P 500 | 6,848 | 0.02% |
| Dow Jones | 47,618 | -0.25% |
| Nasdaq Comp | 23,587 | 0.17% |
| Russell 2000 | 2,532 | 0.43% |
| Euro Stoxx 50 | 5,718 | -0.13% |
| UK FTSE | 9,642 | -0.03% |
| German DAX | 24,163 | 0.49% |
| French CAC | 8,053 | -0.69% |
US job openings (JOLTS) surprised to the upside, ticking up to 7.67 million.
Good news in theory, although the broader picture still shows more layoffs over recent months, meaning the US labour market is now somehow both “strong” and “soft” at the same time.
Meanwhile, Exxon Mobil jumped 3% after boosting earnings targets on the belief its Permian wells and Guyana riches will keep the taps humming, even as analysts warn supply is ballooning.
Elsewhere, Bank of America’s top strategist, Francisco Blanch, said OPEC “can’t really afford a $40 or $30 barrel”.
But he argues that what we’re seeing now isn’t some sharp, short-lived price war in oil, but a “long and shallow” war.
In his view, major producers (notably Saudi Arabia) are using their financial strength and low production costs to endure lower prices longer, hoping to slowly squeeze higher-cost producers like many US shale outfits.
The cut everyone expects
The two-day Fed meeting has officially kicked off.
Wall Street is fully priced for a 25bp cut , but the market is nervous that Jerome Powell might cut rates while also telling everyone to stop begging for more.
Money markets now only see two cuts in 2026.
Kevin Hassett, the frontrunner to replace Powell, told the WSJ Summit: “If the data suggests that we could do it, then, like right now, I think there’s plenty of room to do it.”
The biggest risk for market, experts believe, is a “hawkish cut,” where the Fed says: Here’s your 25bps, now stop asking.”
Silver steals the spotlight, natgas loses the plot
Silver smashed a record overnight, blasting past US$60 per ounce and up a gravity-defying 100% year-to-date.
Gold is up more than 60% this year too, but silver’s gone full mid-life crisis: new confidence, and absolutely refusing to age.
Natural gas, meanwhile, continued its spectacular fall, sliding below US$4.80 after losing more than 7% in its biggest single day drop since June overnight.
Traders spent months pricing in a brutal cold snap in the US Northeast. But now that weather forecasts have turned mild, the market is realising it may have over-ordered.
What’s on today
Across the pond, NZ drops net migration data at 8:45am.
But all eyes are locked on the Fed decision dropping 6am Thursday AEST.
And coming later tonight: earnings from Oracle, Broadcom, Costco and Lululemon.
Commodity/forex/crypto market prices
| Price (US) | Move | |
| Gold / ounce | $4,213.91 | 0.57% |
| Silver / ounce | $60.70 | 4.43% |
| Iron ore / tonne | $106.29 | -0.12% |
| Nickel / tonne | $14,750 | -0.91% |
| Copper / pound | $10,506 | -1.83% |
| Zinc / tonne | $3,092 | -0.90% |
| Lithium carbonate 99.5% Min China Spot / tonne | $13,083 | 0.00% |
| Oil (WTI) / barrel | $58.41 | -0.79% |
| Oil (Brent) / barrel | $62.03 | -0.73% |
| AUD/USD | $0.6640 | 0.16% |
| Bitcoin | $93,688 | 3.36% |
What got you talking
Also in the news…
Health Check: Immutep (ASX:IMM) shares fizz on $530m cancer drug partnering deal.
Why fundie John Forwood likes Carnavale Resources’ (ASX:CAV) high-grade WA gold story.
Dr Boreham’s Crucible: Lumos Diagnostics (ASX:LDX) waits on FDA call that could 15x its US footprint.
Resources Top 5: Bass Oil (ASX:BAS) carried higher on major gas deal with Origin.
Trading halts
Aumake Limited (ASX:AUK)– cap raiseCanadian Phosphate Limited (ASX:CP8)– cap raiseCharger Metals NL (ASX:CHR)– project update & cap raiseEuropean Lithium Limited (ASX:EUR)– off-take deal pendingJindalee Lithium Limited (ASX:JRL)– exploration plan approvalMetalsGrove Mining Limited (ASX:MGA)– cap raise & land acquisitionMetallium Limited (ASX:MTM)– funding deal / collaborationOre Resources Limited (ASX:OR3)– cap raisePatriot Resources Limited (ASX:PAT)– cap raise + acquisitionNelson Resources Limited (ASX:NES)– cap raise & project acquisitionSuperior Resources Limited (ASX:SPQ)– cap raise
At Stockhead, we tell it like it is. While GoldArc Resources and Carnavale Resources 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
