10 things you need to know this morning in Australia

Picture: Ricardo Oliveira Alves

Good morning.

1. Apple is no longer the most valuable company in the world. Word of a drop in iPhone chip shipments hit its share price overnight, sending it below $US90 for the first time in nearly two years. No prizes for guessing who the new champion is.

2. Who needs price fixing output freezes when you’ve got massive wildfires and the Niger Delta Avengers? Far from those cries of “it will be $20 forever” back in February, WTI crude has rallied by about 75%, while Brent has rallied by about 57% to be pushing $50 a barrel. Huh.

3. To markets, and the local eased into a negative close with shares losing ground for the first time in a week. Offshore, the Dow and S&P had wild rides – the Dow traded through a 173 point range – before settling flat. Who’d be an investor right now? But crude is up and SPI 200 futures for June suggest only mild downward pressure on the ASX200 today with an 11 point fall overnight. The ASX 200 is still up 2% this month and the Aussie dollar is struggling to find traction.

4. Today in politics. News Ltd has decided Bill Shorten’s man-boobs are an election issue. And this poll from the SMH perhaps shows where Australia would be placed if only people who actually cared about voting were doing the voting:

5. How good is Donald Trump at being a bully? Stephen Colbert roped in an expert. Trump’s “chief nickname specialist” may or not be schoolyard bully Timmy Jenkins, whose career highlight to date was he “once made Andy Sansun change schools”. Colbert gave Jenkins some airtime to ask whether all the name-calling really was the best way to run an election campaign. And got called Steaming Colfart.

6. Now the Commonwealth Bank says the RBA will cut rates to 1.25%. That’s below current market pricing but reflects what CBA chief economist Michael Blythe called a “heightened level” of concern at the RBA over the projected path of inflation in Australia. Yes folks, it’s a race to the bottom.

7. Here’s why US Air Force officials just called the F-35 Lightning “the Burger King jet”. We think it’s meant to be a compliment.

8. Architectural photographer and aviation geek Michael Kelley decided, one smog-free Sunday morning, to spend the day photographing the action at LAX. He spent seven hours getting sunburnt for it, so you better appreciate it:

9. Your resort might have a nice swimming pool. But it doesn’t have a nice swimming pool above a nice swimming pool, like The Wall House in Portugal. Here’s to dreaming of escaping the coming winter.

10. Snapchat’s geofilter is a new feature the social media upstart rolled out a couple of weeks ago which lets you “buy” some space on the map and add a few suggestions. So Graham Allgood, who wanted a job at Horizon Media, the largest standalone ad agency in the US, paid about $30 for the rights to the filter over Horizon’s office. He added the words “Hire Me” – and landed the interview. Genius.

Have a great weekend.

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