Markets Today (29 September 2025) at Open: Key Trends from Wall Street to ASX

Global Market Overview

US markets bounced back on Friday, with the S&P 500 (+0.59%) and Nasdaq (+0.44%) snapping a three-day losing streak. The Dow gained 0.65% and the Russell 2000 outperformed with a 0.97% rise. Despite this rebound, all major US indices ended the week in negative territory. The move higher was supported by solid US spending and income data, in-line core PCE inflation, and easing bond yields.

In Europe, Germany (+0.87%) and the UK (+0.77%) ended higher, while Asian markets were weaker with Hong Kong (-1.35%), Japan (-0.87%) and India (-0.90%) in the red. China fell 0.65% as trade tensions escalated following new US tariffs.

Key US Developments

President Trump unveiled a wide range of tariffs, targeting branded pharmaceuticals, heavy trucks, furniture, and housing-related products. A 100% tariff was imposed on branded drugs unless manufactured in the US. A 25% tariff was announced on heavy trucks, with further restrictions expected in semiconductors. The US also moved forward with a $14bn TikTok deal, giving Oracle and partners 45% control.

Equity inflows resumed last week after two weeks of outflows, largely due to renewed AI enthusiasm. However, analysts caution that high inflation, stretched valuations, and soft earnings could be headwinds for markets. Meanwhile, data center investments by tech companies continue to draw comparisons to the dot-com bubble era.

Commodities Update

Gold is holding near record highs at US$3,768/oz, while silver also remains firm. The resilience is driven by safe-haven demand, geopolitical risks, and expectations of delayed Fed rate cuts. Precious metals ETFs were up overnight. Palladium and platinum also posted strong moves.
WTI crude oil slipped 0.96% to US$65.72/bbl, pressured by easing demand concerns and higher inventories. Copper edged down 0.16% to US$4.70/lb, reflecting China’s slowdown.
Coal prices continued their rebound with Newcastle coal futures up 1.4% to US$108.75, helping coal stocks rally back towards recent highs.

US Sector Performance

Defensive and cyclical sectors led the rebound. Utilities (+1.59%), Consumer Discretionary (+1.45%), and Materials (+1.05%) were the top gainers. Technology (+0.21%) and Communication Services (+0.13%) underperformed, while Consumer Staples (-0.11%) was the only sector in the red.

ASX 200 Outlook

ASX 200 futures are pointing 21 points higher (+0.23%). The local market is expected to open stronger, supported by the positive US lead and rising precious metals. Stronger gold and silver prices should benefit local miners, while coal’s recovery could also add momentum. However, weakness in Asian markets and ongoing trade tensions may limit gains.

ASX Corporate Highlights

• Bravura Solutions appointed Colin Greenhill as CEO.
• Mineral Resources completed upgrades to its Onslow Iron private haul road.
• Vulcan Energy signed a major supply contract for its Phase One renewable energy and lithium project.

Summary

Global equities closed higher on Friday, led by US markets as easing bond yields and stable inflation data lifted sentiment. Trump’s new tariffs are front and center, driving trade tensions that could weigh on Asia. Commodities remain mixed, with gold and silver near record highs, oil and copper softer, and coal bouncing back. ASX 200 is set for a firmer open today, helped by strength in gold, silver, and coal miners.

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