Raheem Sterling opened the scoring against his former club after 12 minutes courtesy of a cute flick by David Silva and a flapping attempted save by Alisson.
However, after Mo Salah and Virgil van Dijk both hit the woodwork, Liverpool finally cracked City’s defence in the second half when Joel Matip converted a close-range header to put the match back on level terms. Follow all the action below:
Welcome to The Independent's live coverage of the FA Community Shield as Premier League champions Manchester City and Champions League winners Liverpool renew hostilities at Wembley.
Manchester City will be without first choice goalkeeper Ederson and midfielder Fernandinho as they have just arrived back from taking part in the Copa America. Claudio Bravo will start in goal.
Sadio Mane will be missing for Liverpool, he was involved in Senegal's run to the Africa Cup of Nations final..
Liverpool are playing in their first Community Shield match for 13 years. They won the trophy that day with a 2-1 victory over Chelsea.
Captain Jordan Henderson says his side are looking to add more silverware to their cabinet and not trying to get one over on Premier League rivals Man City:
"I know it's a competition Liverpool have always taken seriously, so that brings a responsibility for whoever gets picked to do everything we can to win," he said.
"I'm not bothered about an advantage, we just want to win – full stop. The opponent is only relevant because in order to win it, we have to beat them. Sure, it's the same for City. It's the next game for us and therefore the next one we can win – that's our attitude.
"We've huge respect for City and what they achieved last season and we also respect they'll be a big force again this season – but [this match] isn't about anything other than doing our best to win for our supporters."
For Manchester City, this is their 12th appearance in the Community Shield, having won the trophy five times, including against Chelsea last year.
In all competitions, City are unbeaten in their past seven games at Wembley. Since losing to Arsenal in the 2017 FA Cup semi-final they've won six of those games and drawn one.
In that time they've only conceded one goal while scoring 16.
Liverpool manager Jurgen Klopp reinforced the sentiments of his captain Jordan Henderson.
When asked whether a win today would give the Reds a psychological advantage over Man City leading into the Premier League season, he said:
“No, not for me. We just want to win. It’s the next game - the only one we can win. Let’s try.
“To win trophies you normally have to beat the very best teams in the world - and City are definitely in that category - but I don’t think the season is defined or shaped by today.”
Reflecting on his sides achievements from last year as well as looking ahead for the season to come Man City manager Pep Guardiola sees the Community Shield as the starting point:
"We won almost every trophy, it is quite remarkable what we've done," he said.
"Our rivals will be stronger and we start from zero but are ready to accept the challenge and we'll be there until the end.
"In Spain and Germany the people say [the Community Shield] it's a traditional tournament and it will continue for many years. It's an honour to play in it.
"I think it will be hot, the condition of our players is not the best but we are going to try to play with the players who have played the most in pre-season. The guys who came back late will have a few minutes."
In a Premier League season of two rivals Liverpool lost out by a single point to Man City last year but they pushed the champions to the very last day.
Does today reflect what's to come in the season ahead?
The two pre-match choirs are supporting the FA's HeadsUp campaign which is shining a light on mental health and how important it is to maintain a strong and healthy mind.
Liverpool's choir, in red HeadsUp t-shirts, sing 'You'll never walk alone' with Man City's blue shirted choir belting out a rendition of 'Blue Moon'
And here come the teams, the crowds go wild as the two sides walk out onto the pitch. Both managers are dressed down, Jurgen Klopp sporting a usual outfit of grey t-shirt and trackie bottoms with Pep Guardiola in a white t-shirt and beige cargo pants.
It's an unusual sight, especially from Pep.
Wembley is packed and the crowd joins in with the singing of the national anthem...
Kick off: Liverpool send the ball forward and after a couple of aerial tussles they come away with the ball. The reds try to work an attack from the right but lose possession and City play out from the back.
3 mins: Divock Origi tracks back to perform his defending duties admirably. Kyle Walker, with a newly shaven head, throws the ball back in play, City send it through the box to the right but the ball ends up with Gomez. Sterling takes the ball off the Liverpool defender and sends Sane free into the box. He shoots from the left and his the side netting.
6 mins: A ball comes into City's area over the top, Firmino squeezes in front of Zinchenko and brings the ball down with an outstretched right foot. He turns sharply and switches the ball to his left before shooting. His connection is good but straight at Bravo who makes the save.
9 mins: Wide! It was on a plate for Mo Salah. The reds get forward with on a mini break, Origi moves the ball into Firmino in the middle. Some good skill from Bobby creates a touch of space and he's able to slot the ball into Salah as he runs into the box from the right. Salah only has to beat Bravo but he sends the ball wide of goal.
12 mins: GOAL! Raheem Sterling opens the scoring with a close range tap in from a good Man City move.
Leroy Sane goes down after a bit of argy bargy with Alexander-Arnold. The Liverpool right back clips his leg as the ball comes over the top. City have a free kick that's played out to the right and crossed back into the box, it comes to David Silva who flicks it to Sterling for an easy tap in past Alisson.
The match is being broadcast live on BT Sport 1 with coverage starting at 14:30 BST.
Team news
Nicolas Otamendi starts, despite only just returning from the Copa America, while Sergio Aguero will come off the bench. Raheem Sterling is set to take up a central berth, while Leroy Sane starts despite consistent rumours circulation over a possible transfer to Bayern Munich.
Firmino and Salah both start after returning from AFCON while Naby Keita and Xherdan Shaqiri are included having recovered from injury. Sadio Mane is not scheduled to return to training until next week.
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