Sir Nick Clegg is partially relocating to the UK, becoming the latest top Meta official to leave Silicon Valley. The former deputy prime minister turned social media executive will split his time between his homes in London and California, according to the Financial Times. It comes after Instagram boss Adam Mosseri said he was moving to London, while chief marketing officer Alex Schultz also made the move. Sir Nick, who is in charge of Meta’s dealings with governments around the world, is candid about his reluctance to live in California. He is 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 pay cut as Britain sinks into recession Millions of household savings to be wiped out as inflation soars to 11%, forecaster warns
  2. HSBC looks at ‘alternative structures’ as break-up pressure mounts Angry Hong Kong investors call for spin-off of bank’s Asian operations
  3. Airbnb bookings record as travel rebounds 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 of his behavior by activist Jolyon Maugham
  5. Ferrari to raise prices of luxury sports cars Rising demand has pushed quarterly sales up 29%

What happened in the night

Asia-Pacific bond yields followed U.S. bond yields higher this morning and the dollar continued its gains after Federal Reserve officials said they are far from done raising interest rates. Returns were also helped as demand for the safest assets eased after US House Speaker Nancy Pelosi arrived in Taiwan. The safe-haven yen continued its slide. That lifted shares in Asia, despite a fall on Wall Street overnight. Japan’s Nikkei gained 0.5 percent, recovering from Tuesday’s two-week closing low, while Chinese blue chips rose 0.9 percent and Hong Kong’s Hang Seng added 0.8 percent. MSCI’s broadest index of Asia-Pacific shares rose 0.11 percent. Benchmark Taiwanese shares were roughly flat, while Australian shares fell 0.5%.

It’s coming today

Corporate: Endeavor Mining, Ferrexpo, Hill & Smith Holdings, Hiscox, IP Group, Taylor Wimpey (Interim) Economic: Composite PMI (UK, US, EU), Services PMI (UK, US, EU), Retail Sales (EU), Producer Price Index (EU), Factory Sales (US)