FTSE jumps on hopes Hong Kong unrest could end

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 the majority in parliament.

The FTSE index was up 0.6% and the midcap index 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 and luxury brand Burberry 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 center of months of protests. Avast 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 slumped 10.1% after posting results.

Also Read: British Prime Minister Boris Johnson suffers major defeat in Parliament as rebels seize control of Brexit agenda. (AP) TIRTIR TIR

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