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Morning report: FTSE flies as HSBC jumps and Trump tax evasion accusation takes the spotlight

FTSE 100 made a decent start to the week buoyed by M&A activity and good rises by markets in Asia. The blue chip index was up 90 at 5,933.

Donald Trump paid just US$750 in tax in 2016 and 2017 and none at all for a decade, according to The New York Times. Trump, who said the report was ‘fake news’, asked rival Joe Biden to take a drugs test before tomorrow’s first presidential election debate.

Caesars Entertainment (NASDAQ:CZR) a casino giant that offered £2.9bn to buy William Hill, said it is now in advanced discussions with the UK bookmaker over a takeover. On Friday, Hill said it had received separate cash proposals from both Caesars and Apollo Management.

HSBC (LON"HSBA) shares jumped by 10% as biggest shareholder Ping An increased its stake. Stock in the bank has slumped to a 25-year low amid concerns it might be caught in the crossfire between the US and China.

Innovaderma (LON:IDP) has appointed an exclusive distributor for North and South America. The beauty products group will now have its topical brands distributed by PCA in all major markets, both in shops and online.

Ceres Power (LON:CWR) delivered 21% revenue growth in the year to June despite the coronavirus (COVID-19) pandemic delaying some sales. The fuel cell specialist added business had also been strong in the current year so far.

Symphony Environmental‘s (LON:SYM) biodegradable plastic technology has been incorporated into a new 100ml security bag to be trialled at airports in Aberdeen, Glasgow and Southampton.

Quick facts: Ceres Power Holdings PLC

Price: 1070 GBX

Market: LSE
Market Cap: £1.84 billion

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Market Report: FTSE falls and UK inflation up to 0.7% on back of rising food...

FTSE 100 opened in the red after the latest inflation data came in higher than forecasts. London’s leading index lost 14 points to 6,734 in early trading.   UK prices rose 0.7% in the year to January and are expected to jump further as demand increases over the next months. Food and more...

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