NewsBreak - European Markets Surge on Report of Hong Kong Climbdown

Investing.com -- Europe's stock markets surged in early trading and Hong Kong's rose by the most since 2011 after a report claiming that the head of Hong Kong's legislative assembly would formally withdraw a controversial bill which sparked three months of protests.

The report comes barely a month before China is due to celebrate the 70th anniversary of the Communist Party's victory in China's civil war.

Carrie Lam will withdraw a bill that would have allowed Hong Kong residents to be extradited to the Chinese mainland for trial, the South China Morning Post reported.

Stoxx 600 opens up 0.9%, DAX +1.1%, CAC +1.0%

China-focused banks HSBC (LON:HSBA) +1.8%, Standard Chartered (LON:STAN) +2.7%

Luxury groups surge: Richemont SA (SIX:CFR) +4.2%, Kering (PA:PRTP) +3.8%, LVMH (PA:LVMH) +3.4%, Burberry (LON:BRBY) +2.9%

U.S. futures rise: S&P 500 futures +0.9%, Dow futures +0.8% Nasdaq futures +1.3%

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