Company Interview / the open: ASX to open flat after Fed cuts

The local market is set to open lower with ASX futures down 0.2%. This comes as global stocks pushed to new records in choppy trading after the Fed's widely expected interest rate cut.  

The Nasdaq and the S&P 500 closed lower, while the Dow closed higher after meandering during Powell's speech. Nvidia weighed on the Nasdaq, as shares fell after a report said China's internet regulator had instructed the country's biggest tech companies to stop buying all of the AI leader's chips. 

The US Federal Reserve has cut interest rates by an expected 25 basis points with Fed Chair Jerome Powell citing the need to support the economy in light of a weak jobs market. 

And the Bank of Canada cut its policy interest rate for the first time since March, to 2.5% as it contends with weak economic growth and a tough outlook for job-seekers with expectations of more easing ahead. The US dollar strengthened against major peers, meanwhile the Australian dollar has weakened to US66.6c.