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Rise and Shine: Everything you need to know before the ASX opens

Good morning! Here’s everything you need to know, and some things you don’t, before the ASX flings open its doors and begins trading today.

Josh Chiat and Phoebe Shields
2 min read
May 8, 2025 - 6:00AM
Stockhead
Everything you need to know before the ASX opens. Pic: Getty Images.
Everything you need to know before the ASX opens. Pic: Getty Images.

Good morning everyone and welcome to Rise and Shine on Thursday, May 8, 2025.

Yesterday brought the return of Joe Biden, showing more fight than he did in doddering election tussle with Donald Trump before he was switched out for eventual loser Kamala Harris.

The Democrat took aim at Trump for 'appeasement' of Russia in its negotiations to end the war in Ukraine, as Trump, among other things, suggested a return to FIFA eligibility could be a carrot for Putin to engage in a peace deal.

The market was focused on the US Fed meeting overnight, with analysts yesterday expecting the environment of economic uncertainty would lead the US Fed and Chair Jerome Powell to keep the interest rate unchanged at 4.25-4.5%.

And that's exactly what happened.

It's been one of the most closely watched Fed meetings in ages coming in the wake of Trump's announcement of reciprocal tariffs against virtually all of its trading partners, headlined by 145% against China, and calls from the President for the rate to be cut.

US Treasury yields were little changed, with the Nasdaq 100 up 0.39% and the S&P 500 0.43% higher at midnight Sydney time, with higher than expected streaming numbers from Disney and the imminent start of talks between US Treasury Secretary Scott Bessent, and trade rep Jamieson Greer, and Chinese officials.

The ASX 200 gained 0.33% yesterday, with BNPL Zip Co (ASX:ZIP) and uranium co. Boss Energy (ASX:BOE) the big movers.

Pharma losses sent Britain's FTSE index 0.44% lower, but Rio Tinto's (ASX:RIO) London shares gained 1.36% after the mining giant announced first production of semiconductor super metal gallium from an R&D trial with New York's Indium Corporation.

If a pilot is successful, Rio could produce the niche metal at a rate of 3.5tpa from a planned demo plant at the Vaudreuil alumina refinery in Quebec and eventually at a commercial rate of 40tpa, which would give Rio a 5-10% market share in the supply of a critical mineral subject to Chinese export controls. The Euro STOXX 50 was down 0.63%.

Onto your other markets info…

COMMODITY/FOREX/CRYPTO MARKET PRICES

  • Gold: US$3,391.8/oz (-0.70%)
  • Silver: US$33.09/oz (-0.28%)
  • Iron Ore: US$98.05/t (+0.54%)
  • Nickel (3mth): US$15,698/t (+1.408%)
  • Copper (3mth): US$9,538/t (+1.842%)
  • Zinc: US$2,632.5 (+0.959%)
  • Lithium carbonate (99.5% Min China Spot): US$8700/t (0.00%)
  • Oil (WTI): US$57.16 (-1.78%)
  • Oil (Brent): US$60.23 (-1.76%)
  • AUD/USD: 0.6484 (-0.1109%)
  • Bitcoin: US$96,529.15 (-0.32%)

WHAT GOT YOU TALKING

Also in the news...

MedAdvisor (ASX:MDR)jumped 60% after receiving an offer for its Australian arm of a value "materially" higher than its share price suggests.

With Warren Buffet throwing in the towel, Stockhead's own Eddy Sunarto takes a hard look at the investment legend's favourite gauge - the Buffett Indicator - and what it says about the ASX.

Trading Halts

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

At Stockhead, we tell it like it is. While Albion Resources is a Stockhead advertiser, it did not sponsor this article.

Originally published as Rise and Shine: Everything you need to know before the ASX opens

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Original URL: https://www.thechronicle.com.au/business/stockhead/rise-and-shine-everything-you-need-to-know-before-the-asx-opens/news-story/bf7253e39e25275d885a1a1271d54afe