FTSE 100 today: Index steady amid U.S.-China trade optimism; pound strengthens

Investing.com -- U.K. stocks were flat at Monday’s open amid renewed optimism over progress in U.S.-China trade talks, while wider European markets traded in the green and the pound strengthened against the dollar.

As of 07:10 GMT, the blue-chip FTSE 100 slipped slightly by 0.02%, while the British GBP/USD edged up 0.01% against the dollar to 1.33.

DAX index in Germany rose 0.4%, the CAC 40 in France gained 0.1%.

Greencore-Bakkavor £1.2 bln merger faces UK regulator scrutiny

Britain’s competition watchdog has raised concerns about the proposed £1.2 billion ($1.61 billion) merger between convenience food manufacturers Greencore and Bakkavor Group PLC (LON:BAKK).

The Competition and Markets Authority (CMA) said that the deal might reduce competition in the supply of own-label chilled sauces.

Both Greencore and Bakkavor are major suppliers in the UK’s ready-made food sector. The CMA’s concerns specifically focus on how the merger could impact the market for store-brand chilled sauce products.

HSBC sets aside $1.1 billion for Madoff-related lawsuit in Luxembourg

HSBC Holdings PLC (LON:HSBA) is allocating $1.1 billion to address a lawsuit in Luxembourg linked to Bernard Madoff’s Ponzi scheme, which stands as one of the largest financial frauds in U.S. history.

The London-based bank announced Monday that a subsidiary is currently defending against a claim filed by Herald Fund SPC. The legal action seeks restitution of securities and cash connected to the Bernard L. Madoff Investment Securities LLC fraud.

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