Markets Today (23 September 2025) at Open: Key Trends from Wall Street to ASX

1. ASX Outlook

• SPI futures are up 19 points, sitting at 8,867, suggesting a positive start to local trade today.
• The ASX 200 closed higher on Monday, gaining 37 points or 0.43% to finish at 8,811. The standout performers were Reece Ltd (+14.2%) and Genesis Minerals (+13.9%). Over the past five sessions, the index is down 0.48% and remains 2.7% below its 52-week high.

2. Overnight US Markets:

Overnight, US equities advanced again with all major benchmarks closing near record highs

1. S&P 500 +0.44% to 6,694
2. Dow Jones +0.14% to 46,382
3. Nasdaq +0.70% to 22,789
4. Russell 2000 +0.59% to 2,463.

US Sector Performance

Tech led gains with Information Technology (+1.74%), while Utilities and Industrials also closed higher. Defensives struggled, with Consumer Staples (-0.89%) and Communication Services (-0.92%) closing weaker.

Commodities

• Gold: US$3,745/oz (+1.64%)
• Silver: US$49.988 (2.00%)
• Copper: US$4.59/lb (+0.40%)
• WTI Oil: US$62.34 (-0.12%)

Gold gained 1.6% to US$3,744, while silver jumped 2.1% to US$44.00. This boosted ETFs such as the Global X Silver Miners ETF (+3.5%) and VanEck Gold Miners ETF (+2.7%). Given Monday’s sharp rally in local gold miners (+4–8%), a bit of cooling today wouldn’t surprise. Still, momentum remains strong, and a run toward US$4,000 gold by year-end is increasingly discussed.

4. Stocks Trading Ex-Dividend

Today, stocks trading ex-dividend include:

IPD Group ($0.062), Southern Cross Electrical ($0.05), WT Financial ($0.005).

Broker Moves

• Amcor initiated at Sector Perform with $13.60 target (RBC).
• Generation Development Group initiated at Buy with $8.20 target (BP).
• Platinum Asset Management downgraded to Hold from Buy; target lifted to $0.70 from $0.60 (BP).
• Santos reinstated at Buy with $8.25 target (GS).
• Vault Minerals downgraded to Neutral from Buy; target cut to $0.72 from $0.75 (UBS)

6. Economic Calendar -few key announcements

9:00 am: Australia S&P Global Manufacturing & Services PMI (Sep)

5:30 pm: Germany PMI Flash (Sep)

6:30 pm: UK PMI (Sep)

11:45 pm: US PMI (Sep)

Our take at Kapitales Research:

Momentum remains clearly on the upside with Wall Street’s record run and gold’s breakout above US$3,700 reinforcing risk appetite. Locally, the ASX is finding support from strong moves in resources and select industrial names, though index-level gains are being capped by ongoing energy sector weakness. We see today’s PMI data as the next key driver — particularly the Australian print at 9 am, which could steer short-term sentiment in banks and cyclicals.

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