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, November 27, 2025. Here’s what you should know before the ASX opens today…
At 7am AEST Thursday, ASX futures were up about 0.25%, lining up another cheerful open for the ASX.
Here’s what went down overnight ...
Wall Street’s fourth wind
US stocks extended their rally into a fourth straight session as investors doubled down on the assumption that a December rate cut from the Fed is inevitable.
The Dow, S&P 500 and Nasdaq added close to 1%, with tech once again doing the heavy lifting.
| STOCK INDICES | Value | Change |
| ASX 200 | 8,607 | 0.81% |
| S&P 500 | 6,825 | 0.88% |
| Dow Jones | 47,504 | 0.83% |
| Nasdaq Comp | 23,255 | 1.00% |
| Russell 2000 | 2,497 | 1.25% |
| Euro Stoxx 50 | 5,656 | 1.47% |
| UK FTSE | 9,692 | 0.85% |
| German DAX | 23,726 | 1.11% |
| French CAC | 8,096 | 0.88% |
US jobless claims unexpectedly slid to their lowest level since April, which in normal times might raise an eyebrow.
Instead, it was interpreted as “still strong, but not too strong”.
The crowd is now pricing an 80%+ probability of a cut in December, despite Jerome Powell still giving the verbal equivalent of “let’s see how we feel on the day”.
Meanwhile, analyst Dan Ives has declared there is no AI bubble and that investors are simply misreading the biggest tech build-out since the internet.
He’s right on one count: adoption is still low. But the market is already pricing in a future where Excel talks to you and fridges negotiate with suppliers.
Elsewhere, Robinhood jumped again and is now up more than 230% for the year after striking a deal with Susquehanna, a heavyweight US market-maker that will provide liquidity as Robinhood pushes into regulated futures and prediction markets.
And then there’s Alibaba.
Just as it tries to reposition itself as a serious AI competitor through Qwen, the Pentagon suggested it may be helping the Chinese military.
Bitcoin rebounds
Bitcoin, of course, couldn’t resist the vibe.
It clawed back above US$90,000 (before slipping back to just below it at this time of writing), fuelled by thin holiday liquidity and a sudden rediscovery of risk appetite.
“Likely the sharp nature of the move is tied to holiday market,” said Adam McCarthy at Kaiko. “Essentially there’s less liquidity right now, meaning it takes a lot less to move the dial.”
Even perennial pessimist and market strategist Albert Edwards had to concede.
“You just can’t keep this equity bull market down,” before reminding everyone he still thinks it’s a valuation time bomb.
Predictions on oil prices
JPMorgan and Goldman are openly warning that the next few years could be rough for crude, with base cases drifting into the US$50s and uglier scenarios lurking.
“While demand is robust, supply is simply too abundant,” wrote JP’s analysts.
Macquarie echoed the grim outlook , flagging “punishing oversupply” and hinting that OPEC may eventually need another policy pivot.
And finally...
Back home, attention shifts to QBE’s results and Hub24’s strategy day today.
At 11.30am AEDT, Australia’s third-quarter private capex data lands, a critical pulse check on whether businesses are still investing or curling into defensive mode.
But for now, investors remain happily long risk and short memory.
Commodity/forex/crypto market prices
| Price (US) | Move | |
| Gold: | $4,162.88 | 0.77% |
| Silver: | $53.30 | 3.56% |
| Iron ore: | $104.51 | 0.09% |
| Nickel: | $14,815 | -0.70% |
| Copper: | $10,215 | 1.78% |
| Zinc: | $3,056 | 1.72% |
| Lithium carbonate 99.5% Min China Spot: | $11,402 | 1.23% |
| Oil (WTI): | $58.69 | 1.28% |
| Oil (Brent): | $63.05 | 0.91% |
| AUD/USD: | $0.6518 | 0.49% |
| Bitcoin: | $89,873 | 2.91% |
What got you talking
Also in the news…
Health Check: ‘Truthful and transparent’ Firebrick Pharma (ASX:FRE) bares all about its shareholder survey.
Biocurious: Cochlear (ASX:COH)-backed Epiminder strives to raise the bar on epilepsy monitoring.
Up the Curve: How Acorn Capital’s academic fundie Rick Squire delivers consistent returns in the mining game.
Milei’s mid-term tailwind could supercharge Argentina’s mining sector.
Geopolitics drives scandium’s breakout moment.
Resources Top 5: Fresh REE-gallium runway sees Mount Ridley take off.
Trading halts
Viridis Mining and Minerals (ASX:VMM) – price query
Meteoric Resources (ASX:MEI) – pending announcement on preliminary license process
Terra Critical Minerals (ASX:T92) – proposed acquisition and entitlement offer
Nagambie Resources (ASX:NAG) – cap raise
Galilee Energy (ASX:GLL) – cap raise and acquisition
Restaurant Brands New Zealand (ASX:RBD) – delisting following takeover
At Stockhead, we tell it like it is. While Omega Oil and 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
