Hong Kong stocks surge on withdrawal of law that sparked protests

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Hong Kong stocks surged Wednesday as the government withdrew a proposed extradition law that sparked three months of protests in the Chinese territory.

Hong Kong's benchmark Hang Seng index jumped 3.9% on news of plans for the withdrawal, which Chief Executive Carrie Lam confirmed after markets closed. The protests have disrupted travel, adding to pressure from weakening global trade.

The Shanghai Composite Index gained 0.9% to 2,957.41 and Tokyo's Nikkei 225 advanced 0.1% to 20,649.76. The Hang Seng rose to 26,523.23. Seoul's Kospi rose 1.2% to 1,988.53 and Sydney's S&P-ASX 200 lost 0.3% to 6,553.00. India's Sensex gained 0.3% to 36,669.76.On Wall Street, futures for the S&P 500 index and the Dow Jones Industrial Average rose 0.9%.

"This is perhaps one of the stronger signs that the U.S. is likewise feeling the weight from the on-going uncertainties alongside the world," said Jingyi Pan of IG in a report.

 

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