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Yahoo Finance morning wrap for Friday

Newstart and Youth Allowance recipients could face a new test. Image: Getty

Good morning.

Here’s everything you need to know in Australia and beyond to kick off your Friday:

The ASX is set to open higher following a strong lead from Wall Street overnight.

The Dow Jones rose 1.41 per cent, while the S&P500 gained 1.30 per cent and the Nasdaq gained 1.75 per cent. The strong growth came off the back of Washington and Beijing agreeing to hold major talks in October.

The Aussie dollar is up to 68.18 US cents from 68.14 US cents on Thursday.

Wall Street ready to rally: US stocks surged on hopes that Sino-US trade tensions will soon wane.

"Whether the talks occur or not, we'll see. And whether they are productive, we're sceptical. But the market loves it," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

Welfare recipients could be put through drug tests to qualify for payments under a plan from the federal government. The controversial proposal would see Newstart and Youth Allowance recipients tested for drugs, and should they test positive have their obligation to find work replaced with drug counselling sessions, with payments also quarantined.

“The Morrison government is trialling reforms to the welfare system to ensure that we can identify and encourage people with substance abuse issues to get treatment, rehabilitate and make them job-ready," Social Services Minister Anne Ruston said on Friday.

Moving abroad? The 10 best places to live as an expat have been revealed, based on a survey of 20,259 expats from 182 countries. The best country? Taiwan, followed by Vietnam.

You’re fired: A BP worker has been sacked over a Hitler Downfall parody video which compared the enterprise bargaining negotiations process at BP to the film about Hitler’s final hours.

"Hitler Downfall videos are a joke, but the decision to sack a worker over one is not," Australian Workers Union national secretary Daniel Walton said on Thursday.

Just say ‘yes’ to the water: Job interviews are intense but there’s one thing you can do to help alleviate the tension - just accept that glass of water. Doing so puts both you and the interviewer at ease: this is why.

Savings: Woolworths is rolling out a new way for Australians to save. Its new Scan&Go system allows shoppers to scan and pay for groceries through an app - and it’s offering them 25 per cent off to trial the new tech.

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