Company Interview / the open: ASX to fall as Powell disappoints

The local market is set to open lower with ASX futures off around 0.3%. Global equities fell, while the US dollar extended gains after Federal Reserve chair Powell dampened hopes for an interest rate cut in September. 

For the first time in more than 30 years two members of the Fed's board dissented with Vice Chair Michelle Bowman and Governor Christopher Waller, voting for a quarter of a percentage point rate cut. 

Meanwhile, following major tech results, Microsoft shares rose 7% in extended trading after it reported an overall revenue rise of 18%, whilst Meta platforms’ shares increased 10% following a forecast third-quarter revenue of up $50.5 billion. 

The US dollar strengthened against its major peers following the rate decision and despite pressure to cut from President Donald Trump. The Australian dollar has tumbled to a one month low, down more than 1 percent to US64.4c.