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FTSE jumps on hopes Hong Kong unrest could end

FTSE jumps on hopes Hong Kong unrest could end
FILE PHOTO: A broker reacts on the IG Index the trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson -
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(Reuters) – London’s main index recovered on Wednesday, as a report indicating possible resolution to the Hong Kong protests lifted Asia-exposed stocks, while traders pondered a Brexit delay vote after Prime Minister Boris Johnson lost majority in parliament.

The FTSE index <.FTSE> was up 0.6% and the midcap index <.FTMC> edged 0.5% higher by 0713 GMT, after falling in the previous session amid growing possibilities of a snap election in Britain that would bring new risks to Brexit.

Lawmakers defeated Johnson in parliament on Tuesday in a bid to prevent a no-deal Brexit, prompting him to announce that he would push for a snap election.

Shares in Asia-focussed stocks including HSBC <HSBA.L> and luxury brand Burberry <BRBY.L> rose about 2% following a report that said Hong Kong’s leader would announce the formal withdrawal of a proposed extradition bill that is at the centre of months of protests.

Avast <AVST.L> tumbled 5% to the bottom of the FTSE 250 after its second-biggest shareholder dissolved its entire stake in the cybersecurity company, while small-cap specialist pension provider Just Group <JUSTJ.L> slumped 10.1% after posting results.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru; Editing by Bernard Orr)

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