Good morning.
Sir Nick Clegg is partially relocating to the UK, becoming the latest Meta official to leave Silicon Valley.
The former deputy prime minister turned social media executive will split his time between homes in London and California, according to the Financial Times.
It comes after Instagram boss Adam Mosseri said he would be moving to London, while chief marketing officer Alex Schultz has also moved.
Sir Nick, who handles Meta’s dealings with governments around the world, has been open about his reluctance to live in California. He is said to be moving to be closer to his parents and to facilitate travel to Europe and Asia.
5 things to start the day
1) Workers to suffer record pay squeeze as Britain slips into recession Millions of household savings to be wiped out as inflation hits 11%, forecaster warns
2) HSBC looks at ‘alternative structures’ as break-up pressure grows. Angry Hong Kong investors are calling for the bank’s Asian operations to be separated
3) Record Airbnb bookings as travel recovers The US company expects record revenue and profit next quarter
4) Star Observer columnist suspended after trans rights row Nick Cohen agrees to stop writing while GNM investigates allegations about his conduct by activist Jolyon Maugham
5) Ferrari to raise prices of luxury sports cars Booming demand has boosted quarterly sales by 29%
What happened during the night
Asia-Pacific bond yields followed higher US Treasury yields this morning and the dollar continued its rally after Federal Reserve officials signaled they are not done raising interest rates interest
Yields were also helped as demand for safer assets eased following US House Speaker Nancy Pelosi’s arrival in Taiwan. The haven yen continued its slide.
That lifted shares in Asia, despite Wall Street’s overnight decline.
Japan’s Nikkei gained 0.5%, recovering from Tuesday’s two-week closing low, while Chinese chips rose 0.9% and Hong Kong’s Hang Seng gained 0.8% .
MSCI’s broadest index of Asia-Pacific shares rose 0.11%. Taiwan’s benchmark share index was roughly flat, while Australian shares fell 0.5%.
It arrives today
- Company: Endeavor Mining, Ferrexpo, Hill & Smith Holdings, Hiscox, IP Group, Taylor Wimpey (interim)
- Economy: Composite PMI (UK, US, EU), Services PMI (UK, US, EU), Retail Sales (EU), Producer Price Index (EU), Factory Sales (US)