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Hong Kong and China stocks jump as Trump's remarks seen as tame

US president avoids calling for sanctions over security law, giving markets relief

HONG KONG -- Stocks in Hong Kong and mainland China soared on Monday as investors expressed relief after U.S. President Donald Trump stopped short of specifying tough sanctions over Beijing's new national security law for Hong Kong. Stronger-than-expected manufacturing activity in China also contributed to the gains.

Hong Kong's Hang Seng Index rose 3.4% to its highest level in nearly two weeks. Trump made his comments on Friday after Asian markets had closed. China's CSI 300 index, which comprises the top companies listed in the Shanghai and Shenzhen stock exchanges, rose 2.7%.

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