Finance news you need to know today

SNAP Inc is listing the company’s valuation at up to $29 billion as it prepares for the tech industry’s biggest initial public offering in years.

HERE are five things making news in business and finance today.

1. SYDNEY — The Australian market looks set to open flat after Wall Street seemed to tire with the S&P 50 ending its longest winning streak in nearly four years. At 0700 AEDT on Friday, the share price futures index was down three points at 5,5,761.

2. SYDNEY — Meanwhile, the Australian dollar has dropped back below the 77 US cent mark, despite the greenback itself weakening against a basket of major currencies. The local currency was trading at 76.95 US cents at 0700 AEDT on Friday, from 77.17 on Thursday.

3. NEW YORK — Snap Inc is listing the company’s valuation at up to $US22 billion ($A29 billion) as it prepares for the tech industry’s biggest initial public offering in years.

4. GENEVA — Pressure on food prices globally is weighing on the earnings of consumer goods giant Nestle, which says it will step up its drive to cut costs.

5. LONDON — Microsoft has raised prices on a raft of products including laptops and tablets by as much as 15 per cent in direct response to the collapse in the pound following the Brexit vote.