Daily Market Update: 23 October 2025

ASX falls 0.7 per cent as gold miners sink, Newmont (ASX:NEM) dumped, energy rallies on Woodside (ASX:WDS) result

The All Ordinaries (ASX:XAO) fell from all-time highs on Wednesday, as a heavy selloff in gold dragged the materials sector more than 3 per cent lower. Energy was the only true standout, with the sector gaining more than 1 per cent on signs that US stockpiles were falling and following a solid result from Woodside (ASX:WDS). Both Regis Resources (ASX:RLL) and Newmont (ASX:NEM) fell by between 8 and 10 per cent following a 6 per cent fall in the price of gold overnight, with commentators suggesting the long-term outlook for gold remained positive despite hitting all-time highs. The Big Four Banks including Commonwealth Bank (ASX:CBA) all posted solid days, averting a heavy sell off in the ASX. Oil and gas producer Woodside (ASX:WDS) was a standout, with the company adding more than 3 per cent after positing a jump in quarterly production to 50.8 million barrels and increasing guidance for the rest of the year. 

Pinnacle (ASX:PNI) rallies on Japanese deal, Adairs (ASX:ADH), Cettire boosted by stronger sales

Funds management distributor Pinnacle (ASX:PNI) gained more than 2 per cent after the company announced plans to acquire a significant stake in Advantage Partners, a large Japanese private market investment firm, amid growing interest in private equity and credit. Luxury retailer Cettire (ASX:CTT) showed signs of stabilisation, after the company delivered an 18 per cent jump in non-US revenue, which was enough to overcome total sales that fell 3 per cent to $150 million. Homewares retailer Adairs (ASX:ADH) surged strongly as the company flagged lower sales for the quarter, but well ahead of expectations, as the retail sector begins to settle. It was a similar story for toll road operator Atlas Arteria (ASX:ALX) which held ground on a tough day after converting 1.2 per cent traffic increases into 10.9 per cent increases in toll revenue around the world. 

Nasdaq, gold miners sink amid trade standoff, Netflix (NYSE:NFLX) weaker on inline results, Texas Instruments (NYSE:TXN) flags slowing growth

Gold continued to sell off which doesn’t bode well for Australian miners today, with another 3 per cent fall in the precious metal as momentum begins to turn against the popular investment. But it was all about earnings season and big tech with the Dow Jones falling 0.7 per cent, S&P500 0.5 per cent and the Nasdaq down 0.9 per cent. Shares in Netflix (NYSE:NFLX) slumped by more than 10 per cent after the company reported net income of just $3.24 billion on revenue growth 17 per cent,, flagging concerns of slowing growth for the business, which was also impacted by a tax dispute with the Brazilian Government going back several years. Analog chip producer Texas Instruments (NYSE:TXN) dropped by more than 5 per cent after reporting weaker sales growth as industrial firms pause purchases and their expansion amid uncertainty. Telecoms group AT&T (NYSE:T) outperformed, falling close to 2 per cent after the company delivered weaker sales amid a highly competitive mobile phone market in the US.