Sir Nick Clegg leaves Silicon Valley for London in latest Meta move

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Good morning.

Sir Nick Clegg is partly relocating to the UK, becoming the latest top Meta official to ditch Silicon Valley.

The former deputy prime minister turned social media executive will split his time between homes in London and California, the Financial Times.

It comes after Instagram boss Adam Mosseri said he’s moving to London, while chief marketing officer Alex Schultz has also made the move.

Sir Nick, who’s in charge of Meta’s dealings with governments around the world, has been candid about his reluctance to live in California. He’s said to be moving to be closer to his parents and for ease of travel to Europe and Asia.

5 things to start your day

1) Workers to suffer record wage squeeze as Britain plunges into recession Millions of households’ savings to be wiped out as inflation surges to 11pc, forecaster warns

2) HSBC looking at ‘alternative structures’ as break-up pressure grows Angry investors in Hong Kong call for the bank’s Asian operations to be spun-off

3) Record bookings at Airbnb as travel bounces back US company expects to deliver record revenue and profits in the next quarter

4) Star Observer columnist suspended after trans rights row Nick Cohen agrees to pause writing while GNM investigates claims about his conduct by campaigner Jolyon Maugham

5) Ferrari to raise prices of luxury sports cars Booming demand has pushed up quarterly sales by 29pc

What happened overnight

Asia-Pacific bond yields followed US Treasury yields higher this morning and the dollar continued its climb after Federal Reserve officials signaled that they are nowhere near done raising interest rates.

Yields were also helped as demand for the safest assets retreated following US House Speaker Nancy Pelosi’s arrival in Taiwan. The safe-haven yen continued its slide.

That lifted stocks in Asia, despite the slide on Wall Street overnight.

Japan’s Nikkei gained 0.5pc, rebounding from Tuesday’s two-week closing low, while Chinese blue chips jumped 0.9pc and Hong Kong’s Hang Seng gained 0.8pc.

MSCI’s broadest index of Asia-Pacific shares edged 0.11pc higher. Taiwan’s stock benchmark was about flat, while Australian equities declined 0.5pc.

Coming up today Corporate: Endeavor Mining, Ferrexpo, Hill & Smith Holdings, Hiscox, IP Group, Taylor Wimpey (interims) Economics: Composite PMI (UK, US, EU), services PMI (UK, US, EU), retail sales ( EU), producer price index (EU), factory sales (US) .

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