Australian shares are poised to open higher this morning, tracking strong gains across global markets. ASX 200 futures are up 47 points (+0.52%) as of 8:30 am AEDT, with sentiment improving after Wall Street rebounded on upbeat earnings, easing credit concerns and renewed optimism over US–China trade talks.
Overnight, all three major US indices gained more than 1% — the S&P 500 up 1.07%, the Dow Jones +1.12% and the Nasdaq +1.37% — as investors rotated back into risk assets. Apple hit an all-time high after stronger-than-expected iPhone 17 sales, while optimism grew that the prolonged US government shutdown could soon be resolved.
The broader rally was supported by a step-down in trade tensions, with President Trump and Chinese President Xi expected to meet in South Korea next week. Trump expressed optimism around a potential trade deal, though he maintained the threat of additional tariffs if progress stalls.
ASX rebound led by banks and property
The S&P/ASX 200 rose 36.6 points (0.41%) to 9,031.9 on Monday, lifted by strength in financials (+1.5%) and real estate (+1.1%) as yields edged lower. Tech stocks also found traction, with the All Tech Index up 0.73%.
But miners were the weak spot — materials fell 1.37% as profit-taking hit precious-metals and rare-earth stocks following their blistering recent run. Iluka Resources and Lynas Rare Earths both extended losses from last week, while small-cap explorers retreated sharply after heavy speculative inflows earlier this month.
Gold shines again as sentiment steadies
The precious-metals rally has reignited, with gold surging 2.5% to US$4,356 an ounce, recovering from last week’s brief pullback to retest record highs. Silver and copper both advanced more than 1%, while iron ore held firm around US$105 a tonne.
Oil was slightly lower — WTI at US$57.40 and Brent US$61.01 — as traders assessed the potential impact of a Trump-Putin summit in Hungary that could unlock additional Russian supply.
Bond markets stayed calm, with the US 10-year yield just under 4% and the Aussie dollar steady near US$0.651.
Wall Street boosted by Apple and easing bank fears
Tech stocks led the overnight charge, buoyed by Apple’s record-high close after analysts lifted forecasts on robust iPhone 17 sales. Gains extended across semiconductors, fintech and AI-related names, while the Russell 2000 small-cap index surged nearly 2%.
The rebound also reflected calmer conditions in the US regional-bank sector, where recent concerns about bad loans and fraud cases had sparked volatility. Zions Bancorp and Western Alliance both bounced back, helping financials climb 1.1%.
Optimism over a potential end to the US shutdown added to the mood, while China’s Q3 GDP data confirmed growth above 5%, easing fears of a sharper slowdown. Japan’s Nikkei 225 jumped 3.4% after the ruling LDP secured a coalition deal, clearing the way for new Prime Minister Sanae Takaichi.
ASX outlook and corporate calendar
Today looks set for a stronger open, supported by firm leads across Asia and commodities. Financials and tech may extend gains, while gold miners could benefit from bullion’s latest leg higher.
A big focus will be on Prime Minister Anthony Albanese’s meeting with Trump this morning, where the two leaders signed a landmark agreement committing to jointly invest in critical-minerals production and processing projects.
On the corporate front, Yancoal (ASX:YAL) reported a 9% year-on-year drop in quarterly coal output to 9.3 million tonnes but reaffirmed full-year guidance.
Elsewhere, Tabcorp hosts its AGM, while Plenti Group (ASX:PLT) releases results. GQG Partners and WAM Alternative Assets trade ex-dividend.
Looking ahead
Investor focus will remain on central-bank commentary and the upcoming Trump–Xi meeting as markets gauge the next phase of tariff diplomacy.
With earnings season still delivering upside surprises and risk appetite returning, the ASX looks set to build on Monday’s gains — though volatility could resurface if gold’s rally extends too far, too fast.