10 things you need to know this morning in Australia

Boom. Picture: Lucasfilm

Good morning.

1. Snapchat just did something Facebook couldn’t – surge on its market debut. Early investors who got in at $US17 a share enjoyed a 50% return as Snap’s valuation soared to $US33 billion. Snap’s cofounders, Evan Spiegel, 26, and Robert Murphy, 28, are now worth $US4.5 billion and $US3.9 billion – more than Facebook offered to buy their whole company four years ago. When Facebook IPO’d in 2012, it closed below its offering price, at $US34.03 and saw another large loss the next day, closing at $US31.

2. But the big winner today is Saint Francis high school in Mountain View, California. Five years ago, Lightspeed Ventures partner Barry Eggers took a stake in Snapchat when his daughter told him how great the new app was. That $US8 million plunge made Lightspeed about $US2 billion today. But Eggers also convinced his daughter’s high school to chip in $US15,000, and the stake could now be worth tens of millions.

3. How are Australians spending their money? We looked at the changes in consumption patterns across five consumer staples over three decades from 1986 to 2016, and found a standout:

Well done everyone.

4. Initial jobless claims in the US are now at their lowest level since March 31, 1973, and the chances for a rate hike in March are high. But here’s why Pedro Nicolaci Da Costa thinks the US Fed could be on the verge of making a big mistake. And here’s why Bob Bryan reckons the Trump boom isn’t here yet.

5. Markets finished a little down in the US overnight. In fact, they had their worst day since January, but the Dow managed to hang in above the 21,000 mark. Its run the night before helped the ASX break a three-day losing streak. Iron ore was up but futures plunged overnight and the Australian dollar is suddenly getting thumped again.

6. Bitcoin is now worth more than gold. We have the chart.

7. Friday is new release day. Ed Sheeran released his new album. Lorde released her long-awaited new song. Porsche released a station wagon. Coco-Cola unleashed a new hunky guy.

8. Lynn Taylor, a national workplace expert, says most managers are “just going to continually feed you more and more material until you say, ‘Stop'”. It’s not their fault and eventually you have so say no to your boss. Here’s Taylor on how to do that without looking lazy or incompetent.

9. Luis Guillorme plays minor league baseball for the New York Mets. Luis Guillorme is the ice-cold wingman everyone needs by their side when the bullets start flying:

So that’s why they say he has the Mets’ best hands.

10. Want to know what it looks like when a star explodes? NASA has commemorated the 30th anniversary of the discovery of a one of the brightest supernova seen for hundreds of years with a fantastic set of animations showing how it went down.

BONUS ITEM: Want to work at SBS?

Enjoy your weekend.

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