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

GGood morning

Sir Nick Clegg partially relocates to the UK and becomes the latest top meta official to leave Silicon Valley.

The former deputy prime minister-turned-social media executive will split his time between London and California, according to 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 is responsible for Meta’s dealings with governments around the world, has openly said he’s not ready to live in California. He is said to be moving to be closer to his parents and to be able to travel to Europe and Asia more easily.

5 things to start the day off right

1) Workers suffer from record wage shortages as Britain plunges into recession The savings of millions of households will be wiped out as inflation hits 11 percent, the forecaster warns

2) HSBC is looking for “alternative structures” as pressure to break up mounts Angry Hong Kong investors are calling for the spin-off of the bank’s Asia operations

3) Record Airbnb bookings as travel recovers The US company expects record revenue and earnings in the next quarter

4) Star Observer columnist suspended after trans rights row Nick Cohen agrees to pause writing while GNM investigates allegations of his behavior from activist Jolyon Maugham

5) Ferrari wants to increase prices for luxury sports cars Booming demand drove quarterly sales up 29 percent

what happened overnight

Asia-Pacific bond yields followed higher US Treasury yields this morning and the dollar continued to rise after Federal Reserve officials signaled they were far from done with raising interest rates.

Returns were also supported as demand for the safest assets fell following the arrival of US House Speaker Nancy Pelosi in Taiwan. The safe-haven yen continued to slide.

That pushed stocks higher in Asia despite the overnight decline on Wall Street.

Japan’s Nikkei rose 0.5 percent, recovering from a two-week closing low on Tuesday, while Chinese blue chips rose 0.9 percent and Hong Kong’s Hang Seng rose 0.8 percent.

MSCI’s broadest index of Asia-Pacific stocks edged up 0.11 percent. Taiwan’s equity benchmark was roughly flat, while Australian equities fell 0.5 percent.

Comes today

  • Company: Endeavor Mining, Ferrexpo, Hill & Smith Holdings, Hiscox, IP Group, Taylor Wimpey (interims)
  • Business: Composite PMI (UK, US, EU), Services PMI (UK, US, EU), Retail Sales (EU), Producer Price Index (EU), Factory Sales (US) Sir Nick Clegg leaves Silicon Valley for London in latest Meta move

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