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 Monday, July 21, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST on Monday, ASX futures were down 0.4%, pointing to a weak start for the week.

Here’s what went down last Friday.

Wall Street takes a breather

On Friday, the Dow lost 0.32%, the S&P was flat , and the Nasdaq just squeaked out a 0.05% gain.

STOCK INDICES	Value	Change
ASX 200 (previous day)	8,757	1.37%
S&P 500	6,297	-0.01%
Dow Jones	44,342	-0.32%
Nasdaq Comp	20,896	0.05%
Euro Stoxx 50	5,359	-0.33%
UK FTSE	8,992	0.22%
German DAX	24,290	-0.33%
French CAC	7,823	0.01%

The big talking point was Fed Reserve governor Christopher Waller, who reckons it’s time to cut rates, and maybe as soon as this month.

“The Fed’s role is to think ahead, not look behind,” said Andrew Brenner at NatAlliance, backing Waller’s call.

But markets aren’t convinced. They’re still putting the chances of a July rate cut near zero.

Still, there were signs US inflation might be cooling.

A University of Michigan survey showed consumer price expectations are falling, good news for rate watchers.

“With the president toning down his rhetoric, markets are quick to forget tariff risks,” said Kathleen Brooks from XTB.

Crypto hits US$4 trillion

Crypto just hit a new milestone: a total market value of more than $4 trillion.

The surge came after Trump signed off on new laws to regulate stablecoins, those dollar-linked tokens that have been floating in legal limbo for years.

Bitcoin also hit a new high of US$123,205 last week, before settling lower at the US$117k level at this time of writing.

“Bitcoin’s path to $150,000 looks increasingly inevitable,” said Copper’s Fadi Aboualfa.

Oil holds flat but diesel’s running hot

Oil prices ended the week steady, with West Texas crude closing near US$67.30 a barrel.

That’s despite new EU sanctions aimed at tightening the screws on Russian energy exports.

The big concern now is diesel.

The new rules hit India’s exports of refined fuel to Europe, and that’s pushing diesel prices up.

Diesel spreads jumped hard on Friday, a sign traders are scrambling to lock in supply.

What to watch this week

The RBA’s minutes for July 7-8 drop Tuesday.

That’s the one where they surprised everyone by keeping rates on hold. Investors will be hunting for clues on what’s next.

Then on Thursday, RBA boss Michele Bullock gives a speech in Sydney, and you can bet the market will be hanging on every word.

Over in the US, Fed Chair Jerome Powell speaks on Tuesday US time.

It’s his first big appearance since the latest inflation and jobs data. Don’t expect fireworks, but tone matters.

And in Europe, the ECB is widely expected to hold interest rates on Thursday, but again, any shift in the language could move markets.

Commodity/forex/crypto market prices

Price (US)	Move
Gold:	$3,349.44	0.32%
Silver:	$38.16	0.02%
Iron ore:	$97.22	0.04%
Nickel:	$15,245	1.32%
Copper:	$11,102	1.42%
Zinc:	$2,824	3.07%
Lithium carbonate 99.5% Min China Spot:	$8,500	2.50%
Oil (WTI):	$67.30	-0.36%
Oil (Brent):	$69.21	-0.45%
AUD/USD:	$0.6503	0.05%
Bitcoin:	$117,934	-0.06%

What got you talking

Also in the news…

ScoPo’s Powerplays: Morgans expert Iain Wilkie fills in to talk health stocks as CSL leads a 5% rally.

Monsters of Rock: BHP’s big year and battery metals’ comeback.

As McKinsey maps the Agentic AI future, one ASX name is already in the mix.

High Voltage: Is Nigeria the world’s new lithium hotspot?

Trading Halts

Arika Resources (ASX:ARI) – ASX price query response
Aurumin (ASX:AUN) – potential change of control
Brightstar Resources (ASX:BTR) – change of control and cap raise
Dart Mining (ASX:DTM) – Triumph drilling results
Power Minerals (ASX:PNN) – cap raise
Tivan (ASX:TVN) – material fluorite project deals

At Stockhead, we tell it like it is. While Hillgrove Resources, LinQ Minerals and QMines 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