If you watch the whole body language it's very clear. He doesn't move when the Portuguese insult is given. I should add that the Portuguese insult is itself misogynistic hate speech. Not getting bogged down in that though, you then see something else is said, which no angle has captured yet, but Holgates body language completely shifts. He then clearly says "he's called me a [Poor language removed] n*****" to the ref and to Schneiderlin. The ref says no and Schneiderlin pushes him away which is a disgrace.
In the aftermath something is said calmly between Holgate and Lallana and Lallana looks embarrassed and ashamed and reacts calmly to Holgate.
The 4th official then gets involved. The BBC were suggested it was a spit though that clear didn't happen. I wonder if either something has been heard on the mic, or the ref has has asked for some clarity and the 4th official has given him some guidance/support.
The most telling thing, other than the actual testimony of Holgate is that he doesn't take any action against Holgate, for something that should have been a yellow and could have been a red. This smacks me of a referee that didn't want to be seen to be sending a fella off who had just been racially abused. Imagine the storm there would be now had he have done this.