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 Good morning.

Tesla will move its headquarters from California to Texas after boss Elon Musk hit out at a number of the state's policies.

Mr Musk, who announced the move at a shareholder meeting in Austin, Texas, had fallen out with politicians in California over the state's response to the pandemic.

He also cited the high cost of living for Tesla's employees.

5 things to start your day 

1)  Ireland abandons low-tax model as it caves in to Biden

Dublin ends weeks of wrangling over the wording of US president's global corporation tax plan by raising rate to 15pc, hitting 1,500 firms.

2) Government’s switch to greener fuel was ‘major factor’ behind petrol crisis

Petrol retailers were ‘emptying their tanks’ for the switchover to E10 fuel when garages were swiftly drained by panic buying.

3) Interest rate rise fears mount as employers offer record pay rises

Pushing up pay without raising productivity could lead to an inflationary spiral, warn experts.

4) Soaring energy costs force Gupta to delay Liberty Steel restart

Rocketing power costs means debt-ridden British manufacturer's steel prices would have to rise by up to £500 a ton.

5) Many used cars set to cost more than new models

Boss of Pendragon says problem is 'simply supply and demand - there used to be 10 cars per buyer, now its 10 buyers per car”.

What happened overnight 

- The US Senate voted on Thursday night to stave off a credit default that would have sparked a recession and worried world markets as Democrats and Republicans agreed to a stop-gap fix to raise the nation's debt limit. The breakthrough - which defers the crisis until December 3 by adding another $480 billion to the allowable national debt - came with an estimated 11 days to go until the country would no longer have been able to borrow money or pay off loans for the first time in its history.

- Asian shares rose on Friday as Chinese shares returned from a one-week holiday upbeat, tracking a global rally, while investors also eyed key US jobs data for any fresh insight into the timing of Federal Reserve tapering.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5pc, after rallying 2.1pc the day before, its biggest daily gain since August. Japan's Nikkei index advanced 1.8pc.

Chinese blue chips gained 0.56pc as they resumed trading after being closed for the National Day holiday, while Hong Kong, which has been open all week, gained 1pc.

Elsewhere, Australian shares rose 0.84pc, helped by mining stocks amid surging commodities prices.

Coming up today

Trading update

Electrocomponents

Economics

Bank of England FPC meeting minutes (UK); non-farm payrolls (US), labour force participation rate (US)