Business News

5 things you need to know today

1. The US Federal Reserve cut interest rates by 25 basis points, the first cut since 2008. Fed Chairman Jerome Powell described the cut as a "mid-cycle adjustment to policy".

2. Powell noted that the latest cut was "not the beginning of a long series of rate cuts" in a speech following the cut. In response, President Donald Trump tweeted: "What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, The European Union and other countries around the world."

3. Wall Street stocks closed lower, with the Dow Jones dropping 1.23% to 26,864.27, the S&P 500 fell 1.09% to 2,980.38 and the Nasdaq down 1.19% to 8,175.42.

4. The passing of new legislation in parliament today is expected to "introduce an open banking regime in Australia" according to Superannuation, Financial Services and Financial Technology Assistant Minister Jane Hume, who wrote in The Australian that the new laws would "lay the ground for an active, competitive and innovative fintech ecosystem — to deliver better outcomes for consumers".

5. British Prime Minister Boris Johnson has told his Irish counterpart Leo Varadkar that the UK "will be leaving the EU on October 31, no matter what" according to a statement from Johnson's office.

Published on: Thursday, August 01, 2019

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