Here are the top business, market and economic stories you should be watching today in the UK, Europe, and abroad:
John Flint, the chief executive of HSBC (HSBA.L), is leaving his post after 30 years at the company.
In an unexpected announcement as the the bank unveiled its interim results, HSBC said in a statement that Flint would be leaving the lender "by mutual agreement with the board."
Flint has a 12-month notice period, but will stop his day-to-day responsibilities at group and help HSBC in the transition to find a replacement. Noel Quinn will take over as interim chief executive.
Ocado and M&S shares down after sealing deal
Ocado is parting ways with Waitrose, establishing a new 50:50 joint venture with M&S instead.
It confirmed today it had completed arrangements for the new venture, with 50% of Ocado’s grocery retail arm sold to a subsidiary of M&S.
Melanie Smith, M&S’s strategy director, was appointed CEO, while Ocado Retail Limited’s interim managing director was appointed deputy CEO for the transition period.
Just Eat and Takeaway.com finalise deal
The British takeaway delivery firm Just Eat has finalised the terms of a merger with Amsterdam-based Takeaway.com in another deal announced today.
The new group, which will be called Just Eat Takeaway.com, will become one of the largest in a competitive market in Britain, the Netherlands, Germany and Canada.
It hopes its greater scale will help it take on Uber Eats and Deliveroo, with the companies stating on Monday they had backed the deal.
Just Eat shareholders received 0.09744 new Takeaway.com shares for each of their own shares. The terms value Just Eat at around £4.7bn ($5.7bn), according to Reuters.
European and Asian market sell-off on trade tensions
Fresh US-China trade tensions sparked a widespread sell-off in Europe on Monday, with more than 90% of companies on the STOXX 600 index (^STOXX) trading lower.
Industries sensitive to global trade tensions fell furthest, including miners, chipmakers and luxury firms.