US-China tensions rise over TikTok; markets eye manufacturing reports – business live

TikTok reportedly relocating to London as Microsoft confirms acquisition plans; HSBC profits hammered by Covid-19 and China-US tensions; gold hits new record high

8.07am BST

European shares have edged cautiously higher at the open, after recording losses last week. HSBC is the biggest faller on the FTSE 100 index in London, down 4.1% to 328p.

8.06am BST

The embattled tour operator Tui – Europe’s biggest holiday firm – has agreed a sale and leaseback deal for five new Boeing 737 Max-8 aircraft with Singapore-based BOC Aviation, raising $226m to shore up its finances.

Last week Tui announced it would shut 166 stores in the UK and Ireland, about a third of its branches. It plans 8,000 job cuts overall after the Covid-19 pandemic wiped out air travel for several months.

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