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.