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Burberry stock dives; HSBC orders pay cuts

Squawk Box Live kept an eye on corporate news as Burberry shares plunged in the wake of disappointing first half results, and HSBC reportedly notified staff of a 10 percent pay cut.

Burberry's first half sales growth missed forecasts after being hit particularly hard by the slowdown in China. Comparable store sales growth hit 1 percent, below analysts' 5 percent forecast.

Staff at HSBC's investment banking unit have been ordered to take two weeks of unpaid leave and take a 10 percent pay cut in an effort to cut costs, according to reports.

Here's how the morning unfolded.

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