Wednesday 1st October 2025
Daily Market Update: 02 October 2025
ASX steady as BHP weighs and gold miners shine
The S&P/ASX 200 Index (ASX: XJO) swung between gains and losses, closing marginally down 3.1 points at 8,845.7, as weakness in heavyweight BHP Group Limited (ASX: BHP) and consumer names offset modest strength in utilities and industrials. The decline in BHP was exacerbated by reports that China temporarily barred purchases of the miner’s iron ore from the Pilbara, casting a shadow over Australia’s export outlook. Meanwhile, the gold sector stood out, Westgold Resources Limited (ASX: WGX) surged after announcing a boost to production targets, with Capricorn Metals Limited (ASX: CMM) and others in the mining space also posting gains. The utilities sector provided some cushion, with AGL Energy Limited (ASX: AGL) among the outperformers.
Gold rallies, lithium stumbles amid shifting global signals
Investors sought refuge in “safe‑haven” assets amid the geopolitical and policy uncertainty of a looming US government shutdown. That drove gold to fresh record levels, supported also by falling interest rates and a softer US dollar. On the flipside, the lithium and battery metals complex pulled back as Chinese regulatory approvals and supply signals dampened sentiment. Pilbara Minerals Ltd (ASX: PLS) and Liontown Resources Limited (ASX: LTR) notably fell. In smaller‑cap stocks, DroneShield Limited (ASX: DRO) jumped strongly on renewed defence spending hopes, while Bravura Solutions Limited (ASX: BVS) rallied on upgraded guidance.
Wall Street climbs to record highs despite US shutdown
Across the Pacific, Wall Street notched record highs even as the US government entered shutdown mode. Gains in the healthcare sector led the advance, aided by positive sentiment around pharmaceutical policy developments. The S&P 500 Index (NYSE: SPX), Nasdaq‑100 Index (NASDAQ: NDX), and Dow Jones Industrial Average (DJIA: DJI) all closed at fresh highs, suggesting markets were pricing in a short‐lived shutdown and elevated expectations for Federal Reserve rate easing.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | -0.0 | 0.9 | -0.4 | 4.7 | 11.4 |
| Financials | 0.1 | 1.4 | -0.7 | 1.0 | 21.6 |
| Resources | -0.6 | 3.2 | 3.6 | 20.2 | 8.9 |
| Information Technology | 0.2 | -0.4 | 0.5 | 5.4 | 23.2 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | 0.3 | 0.2 | 2.4 | 7.2 | 22.9 |
| Europe | 0.8 | 0.7 | 1.2 | 2.7 | 20.9 |
| Japan | -0.9 | -1.3 | 1.4 | 6.9 | 19.3 |
| China top 50 | 0.1 | 0.7 | 4.7 | 12.5 | 25.3 |
| India top 50 | 0.7 | -2.0 | -1.9 | -7.5 | -5.7 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | -0.2 | -0.2 | 0.0 | -0.4 | 2.7 |
| Australian Corporate Bond | 0.0 | -0.2 | 0.1 | 0.0 | 3.6 |
| US Treasury | 0.0 | -0.1 | 0.9 | 1.3 | 1.2 |
| Cash | 0.0 | 0.1 | 0.3 | 0.9 | 4.3 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | -0.3 | 1.1 | 8.9 | 13.2 | 48.7 |
| Silver | -0.4 | 4.7 | 12.6 | 25.3 | 52.0 |
| Crude Oil | -1.3 | -2.3 | -0.2 | 1.4 | 3.3 |
| Bitcoin | 0.8 | 2.9 | 6.6 | 10.0 | 99.0 |
