ASX Today: Sydney Sharemarket Jumps at Open as Fed Cut Hopes Lift Sentiment; FPH Surges, Temple & Webster Sinks, National Storage in Play

Sydney’s S&P/ASX 200 has opened strongly higher on Wednesday, 26 November 2025, with the benchmark up around 1% in early trade to the mid‑8,600s, building on Tuesday’s close at 8,537 points. ^[1]

A powerful global risk‑on rally, driven by renewed expectations of a December US Federal Reserve rate cut, is setting the tone. Locally, 10 of 11 sectors are in positive territory, with healthcare, consumer discretionary and real estate leading, while energy lags. Around three‑quarters of ASX 200 stocks are trading higher in the morning session. ^[2]

At the stock level, the open has been dominated by:

Fisher & Paykel Healthcare (FPH) surging on a blockbuster half‑year result and upgraded guidance. ^[3]
Temple & Webster (TPW) plunging after a trading update and AGM commentary that failed to live up to lofty expectations, despite double‑digit revenue growth. ^[4]
National Storage REIT (NSR) entering a trading halt amid reports of a multi‑billion‑dollar takeover bid from Brookfield and Singapore’s GIC, sending ripple effects through the storage REIT sector. ^[5]
Climate‑tech IPO Sea Forest (SEA) preparing to list on the ASX, while White Energy (WEC) kicks off a discounted entitlement offer. ^[6]

All of this comes ahead of the Australian Bureau of Statistics (ABS) monthly inflation print for October at 11:30am AEDT, which could reshape expectations for the Reserve Bank of Australia’s next move. ^[7]

Note: This article summarises the major market‑moving stories publicly available so far today. The ASX releases hundreds of announcements daily, so not every single update is covered.

Global lead: Wall Street rally, Fed cut odds and calmer volatility

Overnight, Wall Street extended its rebound, with the Dow Jones up around 1.4%, the S&P 500 roughly 0.8–0.9% higher and the Nasdaq gaining about 0.5–0.7%. Major European indices, including the FTSE 100 and Germany’s DAX, also advanced by close to 1%. ^[8]

The key driver is a sharp swing in market expectations for a US rate cut in December. CME FedWatch probabilities for a cut at the 10 December meeting have jumped from around 30% a week ago to the mid‑80% range, after comments from Fed officials suggested openness to easing. ^[9]

Risk sentiment has been further buoyed by a steep drop in the VIX “fear gauge”, now back near the high teens after spiking earlier in the year. ^[10]

On the commodity and FX side:

Brent crude is trading near US$62.6 a barrel, down a little over 1% overnight.
Spot gold is hovering around US$4,130+ an ounce, slightly softer.
Iron ore is holding up around US$105.9 a tonne, supporting large miners.
The Australian dollar is steady around US$0.647. ^[11]

These moves created a supportive backdrop for risk assets across Asia, with S&P/ASX 200 futures up about 1% before the local open, flagging today’s strong start in Sydney. ^[12]

Index snapshot: ASX 200 jumps, breadth improves

By just after 10am AEDT, the S&P/ASX 200 was trading roughly 1% higher around 8,620–8,630, in line with the futures signal. ^[13]

ASX 200: up about 1–1.1%, mid‑8,600s. ^[14]
All Ordinaries: up around 1% near 8,900+. ^[15]

Market breadth is notably strong:

10 of 11 sectors are in the green; telecommunications is roughly flat.
Around 152 of the 200 index constituents were higher at around 10:45am AEDT. ^[16]

Sector performance:

Healthcare, consumer discretionary and real estate are leading gains, helped by heavyweight moves in Fisher & Paykel Healthcare, Temple & Webster (in the opposite direction, dragging sentiment but boosting turnover), Harvey Norman, and REITs. ^[17]
Energy is the only sector showing early weakness, reflecting softer oil prices. ^[18]

This rebound comes after a rough patch for Australian equities. The ASX has recently endured one of its sharpest pull‑backs in months, including a session that wiped tens of billions of dollars from market value and left the index at six‑month lows amid worries about AI, rates and global growth. ^[19]

National Storage REIT in focus: takeover speculation and trading halt

One of today’s most closely watched stories is National Storage REIT (ASX: NSR).

NSR has gone into a trading halt pending an announcement about a “potential control transaction” covering all its shares. ^[20]
Multiple outlets report that Brookfield Asset Management and Singapore sovereign fund GIC are preparing a multi‑billion‑dollar consortium bid for the self‑storage giant, potentially valuing it at around A$3.2 billion. ^[21]

NSR is Australia and New Zealand’s largest self‑storage operator, with more than 270 facilities and tens of thousands of customers, and has long been a takeover target for global capital. ^[22]

The storage sector in general is seeing renewed corporate activity:

Earlier this year, rival Abacus Storage King (ASX: ASK) was the target of a failed A$2.2–2.3 billion offer from Ki Corporation and Public Storage. ^[23]
NSR itself has built a strategic stake in Abacus Storage King, reinforcing the tightly interlinked nature of the sector. ^[24]

In early trading before the halt, storage names reacted sharply; Abacus Storage King’s share price jumped around the high single digits, according to live market commentary, as investors priced in the possibility of a broader M&A wave in the space. ^[25]

For the ASX 200, NSR’s halt removes a liquid mid‑cap from trading but adds a speculative M&A tailwind to the broader real estate sector.

Healthcare leads: Fisher & Paykel’s standout half‑year

The healthcare sector is a major driver of this morning’s index gains, anchored by a big move in Fisher & Paykel Healthcare (ASX: FPH).

Blowout numbers

Fisher & Paykel released its half‑year FY26 result (for the six months to 30 September 2025), reporting: ^[26]

Operating revenue of NZ$1.09 billion, up 14% year‑on‑year (12% in constant currency).
Net profit after tax of NZ$213 million, up 39% (28% in constant currency).
Hospital division revenue up 17% to NZ$692.2 million, driven by consumables and hardware.
Homecare revenue up 10% to NZ$395.9 million, supported by demand for sleep‑apnoea masks and accessories.
Gross margin expanded by around 110 basis points to about 63%.
An interim dividend of 19.0 cents per share, slightly higher than a year ago.

The company also lifted its full‑year guidance, now targeting: ^[27]

Revenue of roughly NZ$2.17–2.27 billion.
Net profit after tax of about NZ$410–460 million.

These figures represent solid beats versus market expectations on both revenue and profit, according to early broker and media commentary, and have propelled FPH into the ranks of the top early gainers on the ASX 200, with the stock jumping close to 9% in morning trade. ^[28]

Given FPH’s index weight, its rally is a meaningful contributor to the healthcare sector’s outperformance and a key pillar of today’s broader market strength.

Consumer & retail: Temple & Webster smashed, Harvey Norman upbeat

Temple & Webster: strong growth, harsher reality

Online furniture retailer Temple & Webster (ASX: TPW) has become today’s cautionary tale about expectations in high‑growth consumer names.

According to live market coverage:

TPW reported around 18% year‑on‑year revenue growth for the period from 1 July to 20 November 2025 and reiterated its ambition to reach A$1 billion in annual revenue, along with an EBITDA margin target of 3–5% and plans to continue a share buy‑back. ^[29]
Despite those positive headline numbers, the market had priced in even stronger sales momentum, and the update is widely seen as a miss versus bullish expectations. ^[30]

The result: Temple & Webster’s share price plunged by about 27% on the open, taking it back toward levels last seen during April’s sharp correction and leaving it down close to half from its all‑time high in August. ^[31]

That steep drop is weighing on parts of the consumer discretionary sector, even as other retail names trade higher in sympathy with the broader market.

Harvey Norman: sales momentum ahead of AGM

By contrast, Harvey Norman Holdings (ASX: HVN) is trading with a more positive tone ahead of its 2025 Annual General Meeting at 11am AEDT in Sydney. ^[32]

An update highlighted:

Aggregated year‑to‑date sales up roughly 9% year‑on‑year, with particularly strong performance in European operations.
UK sales growth running at more than triple‑digit percentage rates off a smaller base, according to live commentary. ^[33]

Harvey Norman will also show a video presentation at the AGM, available via the company’s investor website, which may provide more colour on trading conditions and margins heading into the key Christmas quarter. ^[34]

Tech & defence: DroneShield bounces back

Defence tech stock DroneShield (ASX: DRO), one of the more volatile names on the market this year, is staging a sharp rebound this morning:

Live coverage notes DRO up around 17% in early trade, extending gains after a punishing sell‑off in recent weeks triggered by director share sales and broader risk‑off sentiment. ^[35]
The latest bounce follows news of a multi‑million‑dollar European military contract announced earlier in the week, reinforcing investor confidence in its order pipeline despite the recent volatility. ^[36]

DroneShield’s move is adding some extra shine to the technology and defence niche within the broader market, although its index weight remains relatively modest.

IPO and capital raisings: Sea Forest debut, White Energy offer

Sea Forest: climate‑tech IPO lands on the ASX

One of today’s more eye‑catching corporate milestones is the listing of Sea Forest Limited (ASX: SEA), a Tasmanian company developing seaweed‑based feed additives that cut methane emissions from livestock. ^[37]

Key details:

Listing date: Wednesday, 26 November 2025, scheduled for late morning (around 11:30am AEDT). ^[38]
Offer size:A$20.5 million raised in an underwritten IPO. ^[39]
Offer price:A$2.00 per share, implying a valuation of roughly A$112 million at listing. ^[40]

Sea Forest joins a small but growing pool of agri‑tech and climate‑focused names on the ASX, and its debut will be watched closely by investors hunting for ESG‑aligned growth stories.

White Energy: discounted entitlement offer opens

In the small‑cap energy space, White Energy Company Limited (ASX: WEC) has formally opened its pro‑rata entitlement offer: ^[41]

Structure: 5 new shares for every 12 existing shares held at the record date.
Offer price:A$0.027 per share, representing a steep discount to recent trading levels. ^[42]
Maximum raise: approximately A$3.5 million before costs. ^[43]
Underwriting: partially underwritten by Morgans Corporate Limited. ^[44]
Offer period: opens today, 26 November 2025, and is scheduled to close at 5pm AEDT on 10 December 2025. ^[45]

The funds are intended to shore up the company’s balance sheet and support ongoing operations, and the discounted pricing is likely to keep WEC on the radar of speculative traders during the offer period.

Other notable corporate updates

A number of other ASX‑listed names are contributing to the news flow today:

Temple & Webster (TPW) is also holding its 2025 AGM, with the lodged addresses and trading update flagged as the key documents guiding market reaction. ^[46]
Airtasker (ASX: ART) is running its AGM, having released the chair’s address to the market this morning. ^[47]
Select Harvests (ASX: SHV) has published its FY25 results and Appendix 4E, highlighting a more balanced profit contribution across horticulture, processing and sales, which may influence sentiment in agricultural and food‑sector stocks. ^[48]

Expect more AGM headlines and presentation decks to hit the market through the afternoon, which can move individual names even if the broader index remains focused on macro data.

Macro spotlight: October CPI and the RBA path

The next major catalyst for the ASX today is the ABS monthly CPI indicator for October, due at 11:30am AEDT.

Economists widely expect:

A modest month‑on‑month fall in prices, helped by electricity subsidies in NSW and Western Australia,
But annual inflation is still forecast to run around 3.6%, well above the RBA’s 2–3% target band. ^[49]

The data will be crucial for the Reserve Bank of Australia’s rate outlook:

A softer‑than‑expected print could reinforce the global narrative of easing inflation and support the case for rate cuts in 2026, potentially extending today’s rally in rate‑sensitive sectors like REITs, technology and consumer discretionary. ^[50]
A hotter number might revive concerns that inflation is proving sticky, putting pressure back on longer‑duration assets and potentially trimming the morning’s gains.

Either way, volatility around late morning and into the afternoon session is likely, as traders recalibrate their expectations.

What this means for investors today

For investors following the Sydney market today, the key takeaways at the open are:

The ASX 200 has broken higher on strong global leads and rising odds of a near‑term US rate cut. ^[51]
Healthcare and selected consumer names are driving gains, with FPH’s earnings beat a standout positive. ^[52]
Stock‑specific volatility is elevated: Temple & Webster’s double‑digit share price slump shows how unforgiving the market can be when expectations are high, even with solid growth on paper. ^[53]
The REIT and property complex is in focus thanks to the proposed National Storage REIT takeover and wider corporate interest in storage assets. ^[54]
New capital is being raised and listed via White Energy’s entitlement offer and Sea Forest’s IPO, underlining ongoing appetite for both speculative and ESG‑themed plays on the ASX. ^[55]

As always, this is market news, not personal financial advice. Anyone considering trading off today’s moves should look carefully at their own risk tolerance, time horizon and financial goals, and consider seeking professional advice before making investment decisions.