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ASX to edge up as thousands of NSW flood victims assess damage

·2-min read
ASX ticker and flood damaged car
ASX to open slightly higher as about 105,000 people have been told they can return to their homes damaged by recent flooding in NSW. (Source: Getty)

ASX: The local market is poised to open slightly higher after a mixed Friday session on Wall Street.

Wall Street: Wall Street closed little changed after a volatile session as investors tried to comprehend how a robust jobs report would influence the Federal Reserve and its plans to aggressively hike interest rates.

Despite the bumpy nature of the day though, the Dow, S&P 500 and Nasdaq all finished solidly up for the week shortened by the Independence Day holiday.

The Labor Department's closely awaited data showed non-farm payrolls rose by 372,000 jobs in June, higher than the estimated rise of 268,000 jobs, according to a Reuters poll of economists.

Floods: Sydney's wet and windy weather is expected to ease as the vast majority of NSW residents displaced by floods return to their homes.

Federal relief payments of up to $1,000 are available for residents of 29 local government areas, while NSW residents are being urged to donate money to GIVIT so help can be better coordinated.

Fiji: Prime Minister Anthony Albanese will travel to Fiji this week for his latest diplomatic venture to meet with Pacific Island leaders.

Action on climate change and ensuring Australia remains the security partner of choice for Pacific nations are two topics likely to be on the agenda.

Flag debacle: The NSW government has scrapped its plan to install an extra flagpole on the Sydney Harbour Bridge to fly the Aboriginal flag and will instead permanently replace the NSW flag with the Aboriginal flag.

The $25 million cost of the additional flagpole installation was revealed by Premier Dominic Perrottet last month. The funding will instead be reallocated to Close The Gap initiatives.

Cushy jobs: A former NSW public servant passed over for a taxpayer-funded trade role in New York will tell her side of the story to a parliamentary inquiry.

Jenny West, who was first offered the $500,000-a-year job eventually given to former NSW deputy premier John Barilaro, will appear at a NSW upper house inquiry hearing today.

The former deputy secretary of Investment NSW was told in September she had landed the role of the state's Senior Trade and Investment Commissioner to the Americas, before the offer was rescinded.

-With AAP

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