Inflation will hit 15% next year as energy bills soar, think tank warns

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Sir Nick Clegg partly moves to the UK, becoming the latest senior Meta official to abandon Silicon Valley.

The former deputy prime minister turned social media manager will split his time between 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, has been candid about his reluctance to live in California. He would move to be closer to his parents and to facilitate his travels in Europe and Asia.

5 things to start your day

1) Workers to suffer record wage squeeze as Britain plunges into recession Millions of household savings will be wiped out as inflation climbs to 11%, forecaster warns

2) HSBC considers ‘alternative structures’ as breaking pressure rises Angry investors in Hong Kong call for spin-off of bank’s Asian business

3) Record bookings on Airbnb as travel resumes U.S. company expects record revenue and profit next quarter

4) Star Observer columnist suspended after row over trans rights Nick Cohen agrees to put writing on hold while GNM investigates allegations of his conduct by activist Jolyon Maugham

5) Ferrari to raise prices for luxury sports cars Booming demand pushed quarterly sales up 29%

What happened overnight

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

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

This sent stocks in Asia soaring, despite Wall Street falling 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 stocks edged up 0.11pc. Taiwan’s benchmark equities were roughly flat, while Australian equities were down 0.5%.

coming today

• Company : Endeavor Mining, Ferrexpo, Hill & Smith Holdings, Hiscox, IP Group, Taylor Wimpey (interims)
• Economy: Composite PMI (UK, US, EU), Services PMI (UK, US, EU), Retail Sales (EU), Producer Price Index (EU), Factory Sales (States -United)