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Trump on Fed: ‘No guts’ after small interest rate cut: ASX set to open slightly higher

Trump on Fed: ‘No guts’ after small interest rate cut: ASX set to open slightly higher
Following weak leads from US markets, the Australian share market looks set to open slightly higher this morning. The Federal Reserve cut interest rates by a quarter of a percentage point for the second time this year. Traders were left disappointed after the Fed failed to signal it will cut rates again this year. President Donald Trump says the Fed and its chairman, Jerome Powell, have "no 'guts,' no sense, no vision!" He complained that the current interest levels put the US at an economic disadvantage to countries with lower rates. On the commodities front, oil continues to fall and gold has dropped. Markets: Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 0.1per cent to close at 27,147, the S&P 500 closed almost flat at 3007 and the NASDAQ fell 0.1 per cent to 8177. European markets closed mixed: London's FTSE fell 0.1 per cent, Paris added 0.1 per cent and Frankfurt gained 0.1 per cent. Asian markets closed mixed: Tokyo's Nikkei fell 0.2 per cent, Hong Kong's Hang Seng dipped 0.1 per cent and China's Shanghai Composite added 0.3 per cent. Taking all of this into equation, the SPI futures are pointing to a 0.14 per cent gain. Yesterday, the Australian share market closed 14 points or 0.2 per cent lower at 6682. Local economic news : ABS Labour force August at 11.30am AEST Company news: ELMO Software () is to undertake a fully underwritten placement of $55 million at an offer price of $6.00 per share. They will also conduct a non-underwritten share purchase plan offer to existing eligible shareholders capped at $5 million. ELMO intends to use the proceeds from the Placement and SPP Offer to invest in sales and marketing, research and development as well as client services. Alongside the Placement, the Company's founders and largest pre-IPO seed capital investor have agreed to sell an aggregate of approximately 3.3 million shares to investors worth approximately $20 million at the same price as the Placement. During FY19, ELMO...