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The Federal Reserve slashed America’s interest rates by half a per cent to between 4.75% and 5%. The large move is set to see the ASX200 fall about 0.15% – as the size of the rates cut ignites fears around the health of the US economy.
This was the first US rates cut since March 2020. And despite the highly-anticipated cuts, and a brief rally, the Nasdaq closed down half a per cent, and, the Dow Jones and S&P 500 both shed about 0.3%.
Back home, the Australian Bureau of Statistics will release labour force and population data today.
Company news
Meanwhile, Auckland Airport (ASX:AIA) has opened its $183.6 million retail entitlement as it aims to raise funds for a new terminal.
And micro cap Singular Health Group (ASX:SHG) has sold a subsidiary, Singular 3DP, in a deal bringing in $450,000 and free rent! The company will concentrate on development of its 3Dicom medical imaging tech.
Commodities
To commodities in USD: Gold fell sharply on the interest rates news, to be around $2557 an ounce; likewise Brent Crude’s been down about a per cent, trading around $73 a barrel; iron ore has been at $90.80 on the Singapore Exchange; and, natural gas has lost some ground at $2.28 a gigajoule.
Bitcoin & dollar
Amid America’s interest rate news: Bitcoin held stable at US$60,300 ($60,311).
The Aussie dollar has been trading stronger at US67.6 cents.
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